JPMorgan Boosts Target on Vivus (VVUS), More Confidence in Approval

Earlier, JPMorgan lifted its price target on Overweight Vivus (NASDAQ: VVUS) from $30 to $35 after rival rena Pharma (NASDAQ: ARNA) received FDA approval for Belviq was approved.

The firm has increased conviction in the approval of Qnexa by the July 17th PDUFA date following the news.

"Belviq's approval enhances our already high confidence that Qnexa's regulatory review will conclude next month with a similar positive outcome," the analyst said. "This is based on the drug's seemingly more favorable discussion by an FDA AdCom (although both had overwhelmingly positive votes), superior efficacy vs. Belviq (~7-10% vs. ~3-3.5%), and availability of the generic components."

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 $28.33 yesterday.

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