Needham & Company Reiterates a 'Buy' on Vivus (VVUS); Qnexa PDUFA Date Extension Doesn't Change Our View
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Price: $0.47 --0%
Rating Summary:
3 Buy, 6 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 6 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Vivus (NASDAQ: VVUS) price target of $26.00.
Analyst, Alan Carr, said, "Vivus announced after market close yesterday that the FDA has extended the Qnexa PDUFA date from 4/17 to 7/17. Management reported that the company has been in substantial discussions with the FDA since the February Advisory Committee meeting and that the agency subsequently requested the company submit a revised Qnexa REMS. Vivus did so on 4/4/12. The FDA considered the submission a major amendment, resulting in the extension."
"In our view, this is a straightforward matter where the FDA simply needs more time to address risk management. We continue to expect approval of Qnexa in 2012, albeit at a new later date."
For an analyst ratings summary and ratings history on Vivus click here. For more ratings news on Vivus click here.
Shares of Vivus closed at $22.92 yesterday.
Analyst, Alan Carr, said, "Vivus announced after market close yesterday that the FDA has extended the Qnexa PDUFA date from 4/17 to 7/17. Management reported that the company has been in substantial discussions with the FDA since the February Advisory Committee meeting and that the agency subsequently requested the company submit a revised Qnexa REMS. Vivus did so on 4/4/12. The FDA considered the submission a major amendment, resulting in the extension."
"In our view, this is a straightforward matter where the FDA simply needs more time to address risk management. We continue to expect approval of Qnexa in 2012, albeit at a new later date."
For an analyst ratings summary and ratings history on Vivus click here. For more ratings news on Vivus click here.
Shares of Vivus closed at $22.92 yesterday.
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