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The Zacks Analyst Blog Highlights: Celgene, Biogen, Gilead, Orexigen and Cubist
Date:12/5/2013

t=CELG">Free Report), Biogen (Nasdaq: BIIB-Free Report) and Gilead (Nasdaq: GILD-Free Report) touched new 52-week highs as they continued to benefit from positive updates in the EU, announced in the previous week.

 

Orexigen Gains on LIGHT Data: Orexigen (Nasdaq: OREX-Free Report) presented positive interim data on its obesity candidate, Contrave, from the Light study last week. A goal set by the FDA was achieved in the study with no new safety signals materializing.

 

With the encouraging cardiovascular outcomes data in hand, Orexigen is set to seek FDA approval for Contrave, again (the FDA had refused to approve Contrave earlier), and could well be on the path to approval by Jun 2014. What makes this even more interesting is that the FDA had earlier refused to approve Contrave due to concerns regarding the candidate's cardiovascular safety profile.

 

The Light data will also come in handy in answering any questions that may be posed by the EU regulatory authorities where Contrave is currently under review.

 

Shares were up 9.3% immediately after the data was released and up 20% by the end of the week. The Light data means a lot to Orexigen which will most likely be the third entrant in the obesity market in recent times. Belviq and Qsymia, two recently launched drugs, are yet to make a mark in the highly lucrative obesity market.

 

Contrave, with its efficacy prof
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SOURCE Zacks Investment Research, Inc.
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