Upside Purchased on Orexigen Therapeutics (OREX)

Shares of Orexigen Therapeutics Inc. OREX are higher on the session by 13.25%, currently trading at $4.70. The stock has been falling lower and lower over the past nine months; OREX is trading within a technical downtrend. Options traders are buying some calls today. Though volume has been primarily in small lots, call volume is now totaling 6.4x the daily average. Traders are focusing in on the $5.00 and $7.50 strikes in multiple months. Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. Its combination product candidates targeted for obesity are Contrave which has completed Phase III clinical trials, and Empatic, which has completed Phase II clinical trials. Contrave is a combination of two drugs, bupropion and naltrexone, in a sustained release (SR) formulation.