Needham & Company Reiterates a 'Buy' on Vivus (VVUS); Expect Approval of Qnexa by the PDUFA Date

Needham & Company reiterates a 'Buy' on Vivus (NASDAQ: VVUS) price target of $26.00.

Analyst, Alan Carr, said, "Vivus management hosted a quarterly conference call yesterday after market close. The Qnexa PDUFA date was moved last month from 4/17/12 to 7/17/12. We do not believe the extension adds greater risk to approval of Qnexa. Rather, we believe this is simply a matter of the FDA requiring more time to review the submission. Management announced last night that the company is discussing REMS materials and the Qnexa label with the FDA. The agency is also reportedly reviewing proposed Phase 4 CV trial design. We expect approval of Qnexa by the PDUFA date and reiterate our rating."

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 $23.58 yesterday.

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