Partnership For Qsymia Soon Says VIVUS Inc (NASDAQ:VVUS)
On 2 October, Bank of America Merrill Lynch assigned a “buy” rating to VIVUS, Inc (NASDAQ:VVUS) and set a PT of $17.00 on the shares. Seth Fischer, the company’s new Chief executive officer told the bank that the potential partnership agreement for its drug Qsymia is progressing well. He also said that the talks had not been stopped due to changes in management and that the potential partners for the drug are not bothered about the IP issues. The CEO went on to say that VIVUS, Inc (NASDAQ:VVUS) will expand its existing sales force in the event that it is unable to find a suitable partner for the drug. A Qsymia metrics update is slated to be held in towards the middle of this month.
Wednesday’s trading session
In Wednesday’s trading, VIVUS, Inc (NASDAQ:VVUS) rose by 8.64%. The shares opened at a price of $9.29, which rose to an intraday high of 10.30, and dipped to a close of $10.19. Approximately 4.53 million shares were traded on Wednesday while an average volume of 2.32 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $9.11 and its 52-week high is $23.59. The company has a market capitalization of $1.03 billion.
VIVUS, Inc (NASDAQ:VVUS) is a bio-pharma company. It is engaged in commercializing and developing therapies that are used to address unmet-needs in obesity, sleep-apnea, diabetes and sexual-health. Qsymia, its obesity drug was approved by the U.S Food and Drug Administration to treat obesity. It is used in conjunction with a low-calorie diet and increased physical-activity for the purpose of chronic weight-management in adult patients who have an initial BMI of 30 or greater or 27 or greater in the presence of at minimum of 1 weight-related comorbidity, like hypertension, type II diabetes-mellitus or high-cholesterol.
Qsymia incorporates low-doses of different active ingredients from 2 previously approved drugs, topiramate and phentermine.