UPDATE: Jefferies Cuts PT to $5, on VIVUS on Qsymia Shortfall, Higher Expenses

Jefferies maintained VIVUS

with an Underperform rating and lowered the price target from $6.00 to $5.00. Jefferies noted, "The company remains bullish on two key factors that will drive Rx acceleration: the expansion of Qsymia distribution from mail order to retail, which could be approved by April and rolled out in 2H13, and additional formulary wins. We remain cautious on the likelihood of seeing sufficient acceleration in Rx trends to justify the current valuation on a DCF basis, especially as the base of expenses to support the launch is higher than we had previously expected." VIVUS closed at $12.41 on Monday.