Orexigen Therapeutics Jumps On BofA/Merrill’s Note (OREX, REGN, CRDN)
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares are among the notable gainers and soared over 17% after hitting a new 52-week high as BofA/Merrill provided positive comments on the stock and upgraded it to buy. The firm also doubled its price target to $7.
Firm calls Orexigen an “inexpensive obesity stock with long-term potential.” Possible upcoming catalyst: a Food & Drug Administration meeting later this month (3/28-3/29 )to discuss need for cardiovascular outcome studies before FDA approval of obesity drugs. If FDA goes that way, BofA/Merrill says, Orexigen is well-positioned because it already is starting such a trial.
Shares of OREX are now up 64 cents or 17.27% to $4.34 after surging to its 52-week high of $4.48 on heavy volume of 4.91 million shares.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares are also surging Bank of America/Merrill Lynch included the stock to its US 1 list, calling the company one of its top biotech picks for the current year. The firm said it sees upside to its above-consensus 2012 Eylea sales forecast of $350 million, stemming from positive physician sentiment toward dosing frequency advantages for the treatment.
Shares of REGN are up 2.44% at $109.83.
Regeneron Pharmaceuticals, Inc. (Regeneron) is an integrated biopharmaceutical company, which discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.
Ceradyne, Inc. (NASDAQ:CRDN) also surged over 2% on the news that it has received the first of possibly two low rate initial production enhanced combat helmet orders. The full multi-year production order is expected by the end of the second quarter of 2012.
The initial release has a value of about $3 million and the total for the initial orders plus full production is expected to exceed $170 million.
Shares of CRDN are now up 2.31% at $30.17. The stock is up over 12% so far this year, but down over 33% over the past one year.