Orexigen Therapeutics (NASDAQ:OREX), VIVUS, Inc. (NASDAQ:VVUS): Orexigen Therapeutics (NASDAQ:OREX) and Arena Pharmaceticals (NASDAQ:ARNA) – which have both developed anti-obesity drugs – are jumping after an anti-obesity drug developed by VIVUS (NASDAQ:VVUS) was endorsed by most members of an FDA panel. After an FDA committee voted 20-2 to recommend that the agency approve VIVUS’ Qnexa anti-obesity drug, Piper Jaffray wrote in a note to investors that the vote was positive for Arena Pharmaceuticals’ (NASDAQ:ARNA) stock. Piper predicts that the FDA will be satisfied by new data and analysis provided by Arena to address previous concerns about the company’s anti-obesity drug, Lorcaserin. The firm reiterates its $2.50 price target and Outperform rating on Arena. Meanwhile, Leerink Swann remains extremely upbeat on Orexigen’s prospects. In fact, the firm still views Orexigen as the best positioned anti-obesity drug maker. Leerink notes that Orexigen has already reached an agreement with FDA on the design of a study into the effects of Cotrave on the cardiovascular system. The firm believes that the company may be able to re-file for Contrave approval as early as 2012, and it views the company’s risk/reward profile as “highly compelling.” Leerink recommends buying the stock. In early afternoon trading, Arena gained 9c, or 4.70%, to $1.89, while Orexigen surged 54c, or 17% to $3.75. VIVUS rallied 87.77% to $19.81.

OREX shares closed at $3.66, up $0.45, or 14.02%, on the day. Its market capitalization is $175.99 million. VVUS shares closed at $18.73, up $8.18, or 77.54%, on the day. Its market capitalization is $1.66 billion.

MELA Sciences, Inc. (NASDAQ:MELA): MelaFind, developed by MELA Sciences, was shown to improve melanoma detection in a study of 179 dermatologists. The average sensitivity of dermatologists before obtaining the MelaFind output was 69 percent, and the average sensitivity after obtaining the MelaFind output was 94 percent, according to a recent study published online in the Archives of Dermatology on February 20.

The shares closed at $4.79, up $0.48, or 11.14%, on the day. Its market capitalization is $121.01 million.

Patterson Companies, Inc. (NASDAQ:PDCO): Reports Q3 revenue $895.03M, consensus $864.28M.

The shares closed at $32.19, down $0.61, or 1.86%, on the day. Its market capitalization is $3.57 billion.

Pfizer Inc. (NYSE:PFE): At the CAGNY conference, Heinz (NYSE:HNZ) CEO William Johnson yesterday downplayed suggestions the company would look to acquire Pfizer’s (NYSE:PFE) infant nutrition business, the Financial Times reports. Johnson says the company would rather invest in condiments and sauces rather than “bet the ranch” on a big deal, but says that if pieces of the infant nutrition business were to become available for antitrust reasons he might be interested and that he would consider “bolt-on” acquisitions in emerging markets.

The shares closed at $21.03, down $0.33, or 1.54%, on the day. Its market capitalization is $161.66 billion.

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To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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