Arena (ARNA), Orexigen (OREX) Lift With VIVUS (VVUS)
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Not only is VIVUS Inc. (Nasdaq: VVUS) higher early Wednesday, but obesity-drug peers Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) and Orexigen Therapeutics, Inc. (Nasdaq: OREX) are also on the mends.
The upside in VIVUS is being attributed to more insider buying, although no news is behind the jumps in Arena and Orexigen.
The entire group is likely higher on a combination of short covering and dip buying. Shares of the entire group saw a "sell the news" reaction to recent FDA approval. Shares of VVUS are down 19 percent since FDA approval of Qsymia on July 17th and Arena is down 25 percent since FDA approval of BELVIQ on June 27th. Orexigen is still conducting studies for Contrave.
Product launches of Qsymia and BELVIQ could the next catalyst for the group. VIVUS's Qsymia is expected to launch in the fourth quarter 2012 and Arena's BELVIQ is expected to launch in early 2013.
Shares of Arena are up 6.8 percent, VIVUS is up 3.1 percent and Orexigen is up 3.7 percent.
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The upside in VIVUS is being attributed to more insider buying, although no news is behind the jumps in Arena and Orexigen.
The entire group is likely higher on a combination of short covering and dip buying. Shares of the entire group saw a "sell the news" reaction to recent FDA approval. Shares of VVUS are down 19 percent since FDA approval of Qsymia on July 17th and Arena is down 25 percent since FDA approval of BELVIQ on June 27th. Orexigen is still conducting studies for Contrave.
Product launches of Qsymia and BELVIQ could the next catalyst for the group. VIVUS's Qsymia is expected to launch in the fourth quarter 2012 and Arena's BELVIQ is expected to launch in early 2013.
Shares of Arena are up 6.8 percent, VIVUS is up 3.1 percent and Orexigen is up 3.7 percent.
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