Orexigen Therapeutics volatility elevated into PDUFA Orexigen Therapeutics June call option implied volatility is at 154, July is at 109, October is at 84; compared to its 26-week average of 82 according to Track Data, suggesting large movement into the PDUFA goal date of June 11 for Contrave.
Orexigen price target lowered to $11 from $21 at Piper Jaffray Piper Jaffray analyst Charles Duncan cut his price target for Orexigen shares to $11 saying traction for Contrave, while good, is slightly below his expectations. He continues to view Contrave as a "novel asset" with large market potential of $700M in annual revenue, however. Duncan views the company's current market capitalization of $270M as a "market inefficiency" relative to the potential of the Contrave franchise. Duncan reiterates an Overweight rating on Orexigen.