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News For VVUS;ARNA;OREX From The Last 14 Days
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March 6, 2015
16:32 EDTOREXStocks finish week lower as U.S. job market heats up, China cuts growth target
Stocks finished the week lower after the U.S. reported that the economy had created more jobs than expected last month, leading to speculation that the Fed will raise interest rates sooner than later. Also, China's government estimated that its economic growth would slow this year. MACRO NEWS: U.S. nonfarm payrolls rose 295,000 in February, easily topping expectations for the addition of 235,000 jobs. The news led to speculation that the Fed would raise interest rates sooner rather than later and helped trigger a sharp decline in stocks in the last trading day of the week... U.S. economic data other than the jobs report was mixed, as personal income for January and weekly jobless claims were worse than expected, but a services sector index for February and a manufacturing index for February surpassed expectations... China said it expects its economy to grow "about 7%" this year, versus last year's 7.4% growth. The 7% target is the country's lowest in more than a decade. COMPANY NEWS: Apple (AAPL) will replace AT&T (T) in the Dow Jones Industrial Average after the close of trading on Wednesday, March 18, S&P Dow Jones Indices announced... On the M&A front, AbbVie (ABBV) agreed to buy hematologic cancer drug maker Pharmacyclics (PCYC) for $261.25 per share, or $21B. A number of analysts wrote that AbbVie paid too high of a price, since AbbVie shares profits on its flagship drug, Imbruvica, equally with Johnson & Johnson (JNJ). Media reports hours prior to the deal was announced said J&J was close to buying its partner... NXP Semiconductors (NXPI) and Freescale (FSL) advanced after the two companies agreed to merge in a deal which values the combined enterprise at just over $40B. After the deal closes, Freescale shareholders will own approximately 32% of the combined company... Cardinal Health (CAH) announced plans to acquire Johnson & Johnson's cardiology and endovascular device business for $1.94B in cash and Boston Scientific (BSX) struck a deal to buy the American Medical Systems' urology portfolio from Endo International (ENDP) for up to $1.65B... During an investor meeting, Target (TGT) announced that it would reduce its expenses by $2B over the next two years, provided in-line fiscal 2015 EPS guidance, and estimated that its EPS would grow at an annual rate of 10% during 2016 and beyond... All 31 banks examined by the Federal Reserve passed their annual Dodd-Frank stress test, which measures how the banks would fare in a "severely adverse" macroeconomic scenario... Orexigen (OREX) rallied after the company disclosed that its weight loss drug, Contrave, demonstrated a statistically significant benefit over placebo for cardiovascular events... The FDA approved the use of Bristol-Myers' (BMY) Opdivo drug as a treatment for a specific type of lung cancer... Chinese solar stocks jumped after Canadian Solar (CSIQ) announced that it was pursuing plans to launch a yieldco. A yieldco is a publicly traded company that owns energy assets and pays dividends that are taxed at low rates. INDEXES: For the week, the Dow fell 1.53% to 17,856.78, the Nasdaq dropped 0.73% to 4,927.37, and the S&P 500 declined 1.57% to 2,071.26.
16:21 EDTOREXOn The Fly: Closing Wrap
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13:54 EDTOREXOrexigen reiterated as a Buy at BofA/Merrill
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11:40 EDTOREXOrexigen weakness a buying opportunity, says RBC Capital
RBC Capital said weakness in Orexigen is a buying opportunity and expects shares to eventually rebound on expectations of EU approval in late March, partnership announcements, and continuation of strong U.S. launch by Takeda salesforce. Shares are Overweight rated.
10:37 EDTOREXOptions with increasing implied volatility
Options with increasing implied volatility: NLNK LL OREX NSR LLTC DTV MO
March 5, 2015
17:58 EDTOREXOrexigen down 14% in after-hours trade
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17:54 EDTOREXLeading FDA official says Orexigen data "likely false," Forbes reports
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10:43 EDTOREXOptions with increasing implied volatility
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March 4, 2015
10:13 EDTOREXOptions with increasing implied volatility
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09:08 EDTOREXOn The Fly: Pre-market Movers
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08:06 EDTOREXOrexigen price target raised to $11 from $8 at Leerink
Leerink raised its price target for Orexigen shares to $11 after specialists told the firm their opinions of Contrave have improved significantly following yesterday's data. Leerink reiterates an Outperform rating on the stock.
05:58 EDTOREXStocks with implied volatility movement; OREX FAST
Stocks with implied volatility movement; Orexigen (OREX) 105, Fastenal (FAST) 29 according to iVolatility.
March 3, 2015
18:33 EDTOREXOn The Fly: After Hours Movers
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15:56 EDTOREXOrexigen says committed to working with FDA, other regulatory authorities
In a statement to Adam Feuerstein of TheStreet, Orexigen said: "Orexigen has been working closely with, and is committed to continuing to work with FDA and others to support its regulatory obligations to thoroughly explore Contrave's therapeutic profile...Orexigen is also committed to simultaneously meeting its obligations to other regulatory authorities in the U.S., such as the SEC, and abroad, such as the EMA, which are relevant to, and have authority over, it business." Reference Link
14:56 EDTOREXOrexigen options active after disclosing weight loss drug data
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14:19 EDTOREXOrexigen released trial data without telling DMC, Forbes contributor says
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13:59 EDTOREXOrexigen price target raised to $13 from $10 at BofA/Merrill
12:12 EDTOREXOn The Fly: Midday Wrap
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11:25 EDTVVUS, OREX, ARNAOrexigen surges after disclosing weight loss drug data, patent news
Shares of Orexigen (OREX) are surging in morning trading after the company disclosed the data from the 25% interim analysis of the LIGHT cardiovascular study when announcing a method of treatment patent was issued for its weight loss drug, Contrave. In the filing, the company disclosed that Contrave demonstrated a statistically significant benefit over placebo for cardiovascular events, including CV death. ANALYST OPINION: The new patent announced today extends protection for Contrave to 2034, analysts at Piper Jaffray stated. The firm thinks the new data could possibly drive a competitive advantage in the U.S. market for Contrave, and enhance probability of approvals outside the U.S. It kept an Overweight rating on Orexigen and raised its price target on the stock to $26 from $16. Meanwhile, Leerink noted the data show a statistically significant Contrave benefit in the intent-to-treat population on MACE, myocardial infarction, stroke, and cardiovascular death. The firm believes the results "present meaningful upside to expectations" and could have a positive impact on the Contrave launch if they are included on the drug's labels. Leerink reiterates an Outperform rating on Orexigen. OTHERS TO WATCH: Other companies that offer weight loss drugs that compete with Contrave include VIVUS (VVUS) and Arena Pharmaceuticals (ARNA). PRICE ACTION: In morning trading, Orexigen shares surged 44.5% to $8.37, VIVUS shares rose 8% to $2.99 and Arena slid 3.5% to $4.13.
11:01 EDTOREXOrexigen price target raised to $26 from $16 at Piper Jaffray
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10:47 EDTOREXOrexigen Contrave data offer upside to expectations, says Leerink
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10:42 EDTOREXOrexigen discloses patents with data on Contrave effect on CV outcomes
Orexigen disclosed in a regulatory filing that on March 3 the United States Patent and Trademark Office issued U.S. Patent No. 8,969,371 and made publicly available provisional patent applications to which the '371 Patent claims priority. The '371 Patent and the Provisional Patent Applications incorporate data from a pre-planned interim analysis of the large, randomized, placebo-controlled, cardiovascular, or CV, outcomes trial of Contrave, or the Light Study. The '371 Patent, which expires in 2034, is the first in the Light Study family of patent applications Orexigen has prosecuted and covers two subgroups of the larger Light Study patient population. The Provisional Patent Applications are part of the same family of patent applications that were first filed in December 2013. The '371 Patent and the Provisional Patent Applications contain claims related to a positive effect of Contrave on CV outcomes. The observed effects on CV outcomes were unexpected and appear to be unrelated to weight change, the company said. Contrave is indicated as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index of 30 kg/m2 or greater or 27 kg/m2 or greater in the presence of at least one weight-related comorbid condition "Importantly, the U.S. package insert for Contrave states that the effect of Contrave on CV morbidity and mortality has not been established," the company noted. For regulatory approval purposes, the Light Study included a pre-planned interim analysis designed to exclude a doubling of CV risk compared to placebo. This analysis was conducted based on 94 observed and adjudicated major adverse cardiovascular events, which was approximately 25% of the planned MACE for the Light Study. The 25% Interim Analysis was prospectively designed to enable an early and preliminary assessment of safety to support regulatory approval. A larger number of MACE are required to precisely determine the effect of Contrave on CV outcomes, Orexigen said.
March 2, 2015
18:52 EDTARNAOn The Fly: After Hours Movers
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16:08 EDTARNAArena Pharmaceuticals says not providing 2015 revenue outlook
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16:07 EDTARNAArena Pharmaceuticals reports Q4 EPS (15c), consensus (12c)
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15:23 EDTARNANotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Mylan (MYL), consensus $1.05... Nabors Industries (NBR), consensus 39c... PRA Group (PRAA), consensus $1.11... Caesars Entertainment (CZR), consensus ($1.65)... Cumulus Media (CMLS), consensus 9c... Arena Pharmaceuticals (ARNA), consensus (12c)... Palo Alto Networks (PANW), consensus 17c... Guidewire Software (GWRE), consensus 11c... McDermott International (MDR), consensus (6c)... Salix Pharmaceuticals (SLXP), consensus (25c)... Matador Resources (MTDR), consensus 19c... Sanchez Energy (SN), consensus (11c).
February 26, 2015
08:21 EDTOREXOrexigen Contrave sales encouraging, says RBC Capital
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07:22 EDTOREXOrexigen Contrave off to strong start, says JMP Securities
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February 25, 2015
06:33 EDTOREXOrexigen reports Q4 EPS 0c, consensus 21c
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February 24, 2015
16:01 EDTVVUSVIVUS reports Q4 EPS (25c), consensus (25c)
Reports Q4 revenue $21.7M, consensus $20.01M.
09:03 EDTOREXUltragenyx adds Orexigen CEO to board
Ultragenyx Pharmaceutical (RARE) announced the appointment of Michael Narachi to the company's board, effective February 20. Narachi, President and CEO and a director of Orexigen Therapeutics (OREX), will serve as an independent director to Ultragenyx.
08:10 EDTOREXOrexigen resumed with an Outperform at Leerink
Target $8.
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