Just Minutes Left to Trade VIVUS (VVUS) Ahead of Expected FDA Approval
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Traders in VIVUS Inc. (Nasdaq: VVUS) have just minutes to trade the stock ahead of expected FDA approval of obesity drug Qnexa.
Looking at the timeline of the rival Arena Pharmaceuticals' (Nasdaq: ARNA) approval day - shares were halted at 12:40PM ET, approval was announced at just before 1PM ET and share resumed trading at 1:45PM ET.
Looking at the price action in ARNA post-approval. Shares closed up 29 percent to $11.39 on approval day, drifted lower, and now have recovered most of the initial approval gains.
Shares of VVUS have already been extremely volatile today, with a 'bear raid' hitting just after the open. The stock was as low as $20.90, or a 27 percent decline, before recovering.
Analysts see shares of VVUS going as high as $45 on approval, although most see the stock in the mid-$30s upon approval with a relatively clean label.
Shares of VVUS currently sit down 8 percent to $26.35.
In addition to VVUS, traders have their eye on Arena Pharmaceuticals and Orexigen Therapeutics, Inc. (Nasdaq: OREX) with the news.
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Looking at the timeline of the rival Arena Pharmaceuticals' (Nasdaq: ARNA) approval day - shares were halted at 12:40PM ET, approval was announced at just before 1PM ET and share resumed trading at 1:45PM ET.
Looking at the price action in ARNA post-approval. Shares closed up 29 percent to $11.39 on approval day, drifted lower, and now have recovered most of the initial approval gains.
Shares of VVUS have already been extremely volatile today, with a 'bear raid' hitting just after the open. The stock was as low as $20.90, or a 27 percent decline, before recovering.
Analysts see shares of VVUS going as high as $45 on approval, although most see the stock in the mid-$30s upon approval with a relatively clean label.
Shares of VVUS currently sit down 8 percent to $26.35.
In addition to VVUS, traders have their eye on Arena Pharmaceuticals and Orexigen Therapeutics, Inc. (Nasdaq: OREX) with the news.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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