Orexigen (OREX) Slumps as Many Expected 'Better News' for Contrave

Orexigen Therapeutics, Inc. (Nasdaq: OREX) shares are lower on the session following an update on its Light Study of Contrave earlier.

In short, Orexigen said that screening for the Light Study was complete, will run an interim analysis after 87 major adverse cardiovascular events (MACE) are accrued, and plans to receive FDA approval of its New Drug Application (NDA) in the fourth-quarter of 2013.

Lazard analyst William Tanner said that the market was expecting "better news" from the update. Tanner is spot on with that assessment; in October, Orexigen said Contrave might be in line for faster approval of its NDA.

Orexigen's Contrave will be a competitor with Arena's (Nasdaq: ARNA) Belviq as well as VIVUS, Inc.'s (Nasdaq: VVUS) Qsymia.

Shares are down 4 percent on the session.

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