UPDATE: Jefferies Cuts Target to $9 on VIVUS

Jefferies lowers its target $3 to $9 on Underperform-rated VIVUS

on takeaways from FDA Cardiovascular Safety Panel. Jefferies notes, "In spite of an unfavorable FDA panel vote recommending combined pre- and post-approval CV safety analyses even for obesity drugs without a theoretical risk of CV harm, after-market VVUS stock price indications still reflect strong optimism around approval. We remain cautious on the bull argument for several reasons outlined below and see a significant risk that Qnexa is subject to additional CV risk evaluation prior to approval." VVUS closed at $21.28 a share yesterday.