Orexigen holds gains on CV outcomes data

Orexigen Therapeutics Inc. (NASDAQ:OREX) climbed $0.84 (11%) to $8.48 on Wednesday, adding $103.9 million in market cap, as investors overlooked controversy about how interim data were disclosed from the LIGHT cardiovascular outcomes trial of its marketed Contrave naltrexone/ bupropion. With more data not expected to be disclosed before 2017, or even later, the market apparently concluded the statistically significant data showing Contrave is the first obesity drug to show a CV benefit will be sufficient to drive the drug's uptake by doctors and patients even without a label change.

Orexigen has added $332.8 million in market cap since Monday's close, and is now valued above $1 billion. ...