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Fly News Breaks for March 3, 2015
OREX
Mar 3, 2015 | 11:01 EDT
Piper Jaffray raised its price target for Orexigen shares to $26 after the company disclosed that Contrave demonstrated a statistically significant benefit over placebo for cardiovascular events, including CV death. Further, Piper notes the new patent announced today extends protection for Contrave to 2034. The firm thinks the new data could possibly drive a competitive advantage in the U.S. market, and enhance probability of approvals outside the U.S., for Contrave. It keeps an Overweight rating on Orexigen.
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