Leerink Swann Upgrades Orexigen Therapeutics (OREX) to Outperform; Contrave Regulatory Path Unexpectedly Clarified
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Price: $0.22 --0%
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Leerink Swann upgraded Orexigen Therapeutics (NASDAQ: OREX) to Outperform, price target raised from $2 to $5.00.
Leerink analyst says, "OREX announced that it had reached an agreement with the FDA on the pre-approval cardiovascular (CV) outcomes trial to enable approval of Contrave to treat obesity. This is a positive and big surprise given the FDA's prior request for an unfeasible CV trial design and a panel review. We expect the trial will be adequately designed to show that Contrave does not increase CV risk (and potentially confers CV benefit) by stopping drug in non-responding patients. We are upgrading OREX to Outperform; despite the strong after-market move, the shares are starting from a very low valuation and leave plenty of room to our new $5/share valuation in light of the higher likelihood of approval."
For more ratings news on Orexigen Therapeutics click here and for the rating history of Orexigen Therapeutics click here.
Shares of Orexigen Therapeutics closed at $1.47 yesterday.
Leerink analyst says, "OREX announced that it had reached an agreement with the FDA on the pre-approval cardiovascular (CV) outcomes trial to enable approval of Contrave to treat obesity. This is a positive and big surprise given the FDA's prior request for an unfeasible CV trial design and a panel review. We expect the trial will be adequately designed to show that Contrave does not increase CV risk (and potentially confers CV benefit) by stopping drug in non-responding patients. We are upgrading OREX to Outperform; despite the strong after-market move, the shares are starting from a very low valuation and leave plenty of room to our new $5/share valuation in light of the higher likelihood of approval."
For more ratings news on Orexigen Therapeutics click here and for the rating history of Orexigen Therapeutics click here.
Shares of Orexigen Therapeutics closed at $1.47 yesterday.
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