Orexigen Therapeutics (OREX) PT Trimmed at BofA/Merrill Lynch, But Bullish Stance Maintained
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Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 5
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BofA/Merrill Lynch analyst Steve Byrne lowered his price target on Orexigen Therapeutics (NASDAQ: OREX) to $9.00 (from $10.00) following FDA approval of Contrave, which includes a new CVOT, but is sticking with his Buy rating on the stock.
Despite the CVOT and shorter discontinuation criterion, Byrne is positive on the stock due to strong US partner and several near-term catalysts, including EU approval (by year-end), ex-US partnership, and another interim analysis of the on-going CVOT study.
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 $5.28 yesterday.
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