Saying Orexigen Therapeutics (NASDAQ:OREX) now offers a "great entry point," Canaccord Genuity maintains their "Buy" rating on the company.
Canaccord said, "We reiterate our rating and Top Pick designation for OREX. We believe that OREX’s Contrave for obesity will be approved by the FDA in 2011 following what we expect to be a positive FDA advisory committee meeting (ad com) on December 7. We think the current valuation reflects very low expectations and therefore offers a great entry point."
Orexigen Therapeutics closed Tuesday at $5.19, falling $0.40, or 7.16 percent. Canaccord has a price target of $14 on them.
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