UPDATE: Jefferies & Company Reiterates Underperform Rating, Lowers PT on VIVUS

In a report published Wednesday, Jefferies & Company reiterated its Underperform rating on VIVUS

, but lowered its price target from $13.00 to $6.00. Jefferies noted, “VVUS disclosed shipped prescriptions of Qsymia on its 3Q12 earnings call. Actual demand is tracking 30% below IMS data, a surprise given our recent discussions with IMS on the tracking of Qsymia data. As a result, we are lowering our Qsymia estimates to reflect a linear extrapolation of recent demand trends and we are lowering our PT from $13 to $6.” VIVUS closed on Tuesday at $11.82.