Stifel downgrades Viveve to Hold after trial miss, cuts target to $1

Stifel analyst Jonathan Block downgraded Viveve Medical to Hold from Buy and lowered his price target for the shares to $1 from $3. The stock in after-hours trading is down 62%, or 25c, to 16c. The analyst cites the Liberate-International trial missing its endpoint tonight as well as the company's "stressed" balance sheet for the downgrade. He believed there was a high likelihood that Viveve would hit the stress urinary incontinence endpoint and admits that he was wrong.