BofA/Merrill Starts Orexigen (OREX) at Neutral, Arena (ARNA), VIVUS (VVUS) at Underperform

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An analyst at BofA Merrill Lynch initiated coverage on several popular micro- and small-cap Biotech stocks this morning:

• Orexigen Therapeutics (Nasdaq: OREX) with a Neutral rating
  
• Arena Pharma (Nasdaq: ARNA) with an Underperform rating
  
• VIVUS (Nasdaq: VVUS) with an Underperform rating

Despite the mostly bearish analyst sentiment, traders are buying these stocks today. Just prior to this morning's opening bell, Orexigen shares are up 0.6% to $5.32, shares of Arena are up 1.4% to $7.44 and VIVUS shares are up 1.3% to $6.06.

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