Rodman & Renshaw lowers Vivus to 'Market Perform'

By The Associated Press Friday, July 9, 2024

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Shares of drug developer Vivus Inc. could face some volatility as its obesity treatment Qnexa nears a July 15 FDA advisory committee review, a Rodman & Renshaw analyst said as he downgraded the stock Friday.

THE OPINION: Analyst Elemer Piros lowered his rating to "Market Perform" from "Market Outperform." He also removed his price target. His previous price target on the shares was $13.

Piros based the downgrade in part on the stock nearing his price target and "anticipated volatility and uncertainty" ahead of the FDA hearing.

He said the effectiveness of Qnexa has proven to be "quite robust," but the panel's focus on safety may lead investors to trim their positions.

"Qnexa has been associated with cognitive side effects, and in our view the committee's potential interpretation of these side effects is uncertain at this time," he wrote in a note to clients.

He also said that the stock may face volatility if Vivus doesn't find the right partner for the commercial launch of Qnexa, assuming it is approved.

"As such, we advise investors to take profits and trim their position in Vivus at this time," Piros wrote.

THE STOCK: Shares of Vivus fell 17 cents to $11.52 in afternoon trading.

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