Light Study Termination 'Positive' for Orexigen (OREX), Leerink Partners Says

Leerink Partners Paul Matteis said the termination of the Light Study by Orexigen Therapeutics (NASDAQ: OREX) and partner Takeda is a "positive."

"The stopping of the study is not due to any finding of superiority or harm. We believe the termination of the trial represents a positive for OREX and over time may augment the Contrave launch trajectory. OREX stands to save some cash (perhaps ~$20MM or more), while in our previous survey we found that once seeing the interim LIGHT results, most physicians viewed Contrave as CV-safe and ranked Contrave as best-in-class by a wide margin."

The firm maintained an Outperform rating and price target of $11 on OREX.

For an analyst ratings summary and ratings history on Orexigen Therapeutics click here. For more ratings news on Orexigen Therapeutics click here.

Shares of Orexigen Therapeutics closed at $6.86 yesterday.

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