Calls Purchased on Orexigen Therapeutics (OREX)

Shares of Orexigen Therapeutics Inc. OREX are lower on the session by 7.64%, currently trading at $3.87. The stock has been trading largely lower over the past six months and is currently trading in a downward trend. Options traders are buying calls on the name today, though. The July $5.00 call, was purchased 1,300 times, on the offer, a short while ago. Open interest on the strike is only 997 contracts, signaling new, bullish positioning. Call volume is now running at 4x the daily average. 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.