Jefferies Raises Price Target on Orexigen Therapeutics (OREX), Maintains Buy Rating

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Jefferies keeps their Buy rating on Orexigen Therapeutics (NASDAQ: OREX) while they raise their price target to $17 from $12. The firm feels confident in their EPS estimates of ($1.13) and $1.22 for FY10 and FY11. The firm reports thats, "We wouldn't bank on January final approval; there's likely a ways to go on REMS, labeling, and post-approval commitment negotiations. However, we're comfortable with 2011 approval and launch. OREX is substantially de-risked, and depending on the ultimate label, it could be an obvious partner takeout given hefty royalties and milestones."

For more ratings news on Orexigen Therapeutics click here and for the rating history of Orexigen Therapeutics click here.

Shares of Orexigen Therapeutics closed at $4.87 yesterday, with a 52 week range of $3.81-$8.88.

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