At current levels, I view VVUS as a buy opportunity and cite that the newly installed management board has the experience and proven history to steer the company into the hands of a better suited pharma company-- to market their lead weight loss product. This road may not be easy or quick though, as the drug has some regulatory hurdles to get around before full marketing potential is realized. Therefore, interested partners/suitors may have to sit on the sideline while the company makes progress on the regulatory / marketing front.
For this reason, a buy at these levels with a conviction to hold at least 12 months should provide promising returns. My 12-mo target would be $15-17.
I do not like any of the other weight loss drugs in this space.