Jefferies Boosts Target on Orexigen (OREX) as FDA Gets Close to Admitting Error

Jefferies raised its price target on Orexigen Therapeutics (NASDAQ: OREX) from $5 to $6 - but kept its Hold rating - after the FDA indicated it may allow Contrave's resubmission before the LIGHT interim data AND with LIGHT running well ahead of schedule, we now see approval before end '13 and launch Q1'14 (vs. late'14).

"With Qsymia's setback in Europe, we now see Contrave as a better EU partnering prospect in next 6-months," the analyst notes. "We raise target to $6, but maintain Hold given: 1) underappreciated warrant dilution, and 2) nebulous market (slow Qsymia launch)."

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 $5.84 yesterday.

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