UPDATE: Vivus Down Nearly 12% After JP Morgan Downgrade on Lackluster Qsymia News

JP Morgan analyst Cory Kasimov downgrades Vivus (NASDAQ: VVUS) Tuesday morning, lowering rating from Overweight to Neutral, while moving their price target from $15 to $8.

The report notes that Qsymia has been on the market for a year and a half without any catalyst or signs of progression, "With no obvious inflection point (or partnership) in sight and no tangible evidence of a new-and-improved strategy post last summer's proxy battle, we'd prefer to watch this continue to play out from the sidelines."

VVUS was at $6.75 at previous closing bell and opened Tuesday morning down 14% at the $5.80 mark.