Orexigen's (NASDAQ:OREX) 'Contrave' Poised for Approval

After the recent positive input from an FDA panel concerning Orexigen's (NASDAQ:OREX) 'Contrave,' it was followed up by a conference call which offers more support for the probability that the drug will be approved.

Canaccord said, "Following the positive Dec. 7 FDA panel meeting, OREX hosted a conference call and provided additional details that strengthen our belief Orexigen is well prepared to navigate the regulatory and commercial landscape for its lead drug, Contrave, for the treatment of obesity. We continue to anticipate a H1/11 approval."

Canaccord Genuity reiterates a "Buy" on Orexigen Therapeutics, which was trading at $9.13, up $0.36, or 4.10 percent, as of 12:14 PM EST. They have a price target of $19 on them.