Orexigen (OREX) Catches Bids as Arena (ARNA) Continues Higher
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Orexigen Therapeutics (Nasdaq: OREX) shares are also ticking higher along with peer Arena Pharma (Nasdaq: ARNA) Tuesday as Arenas PDUFA for lorcaserin is coming up on June 27th.
Currently, Orexigen is enrolling patients to evaluate cardiovascular risk for its obesity drug, Contrave. Rejected by the FDA last year, Orexigen plans to file again in 2014.
Option implied volatility is up 4.6 percent on the session from Monday's close and up 118 percent over its trailing annual daily average.
Shares are 8.4 percent higher on the session Tuesday, comparable with Arena, which is up 8.7 percent.
At $3.54, shares are approaching the 50- and 100-day SMAs, which are both currently at $3.63.
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Currently, Orexigen is enrolling patients to evaluate cardiovascular risk for its obesity drug, Contrave. Rejected by the FDA last year, Orexigen plans to file again in 2014.
Option implied volatility is up 4.6 percent on the session from Monday's close and up 118 percent over its trailing annual daily average.
Shares are 8.4 percent higher on the session Tuesday, comparable with Arena, which is up 8.7 percent.
At $3.54, shares are approaching the 50- and 100-day SMAs, which are both currently at $3.63.
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