I agree it needs to be nerfed as it accounts for 75% of my deaths in Crucible. Where most pro-nerfers think that the damage should be dropped, I disagree. Instead, the range/falloff should be drastically decreased.
A hand cannon is meant to be used at mid-range. However, this weapon can compete with long range weapons around 45 to 60 yards. That is absolutely ridiculous. The explosive rounds have no falloff damage - fine - but, the range stat should be dropped from 46 to about (roughly) 30.