VIVUS, Inc. (NASDAQ: VVUS) is literally killing short sellers this morning after scoring an FDA panel backing with the recommendation to approve Qnexa as a treatment against obesity. This will likely be an instant blockbuster drug if the FDA’s marketing approval follows the panel’s recommendation. There have literally been no obesity drugs on the market or approved in about a decade.
The vote was much wider than expected with a 20 YES and 2 NO vote count. A win for one obesity drug is actually considered a win for all potential obesity drugs because the FDA has been so reluctant to approve or allow obesity treatments compared to the past.
Orexigen Therapeutics, Inc. (NASDAQ: OREX) is up over 22% at $3.91 on more than 1 million shares; Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) is up 17% at $2.12 on more than 1.6 million shares.
VIVUS is up 107% at $21.88 this morning on more than 6 million shares as of 9:12 AM EST. It was impossible not to notice a new astronomical target this morning… Credit Suisse reiterated an “Outperform” rating but it raised its price target all the way up to $36.00 per share. Keep in mind that there were more than 15 million shares short at the last look.
JON C. OGG
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