Calls Purchased on Orexigen Therapeutics, Inc (OREX)

Shares of Orexigen Therapeutics, Inc OREX are higher on the session by 10.64%, currently trading at $3.23. The stock has been moving largely lower over the past five months and is currently trading below the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the July 2011 $4.00 call was purchased 3,700 times, on the offer, on open interest of 10,846 contracts. Overall call volume is now running at 2.99x the daily average with 85% of all calls traded being purchases on the offer. 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.