Orexigen Therapeutics (NASDAQ:OREX) has seen a rise of 1,367,391 shares or 6.3% in the short interest. The remaining shorts are 19.7% of the total floated shares. The net short interest, as on June 15,2016, stood at 23,150,864 shares and the stocks days to cover will be 8 by factoring in the average per day volume of 3,068,481 shares. On May 31,2016, 21,783,473 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Orexigen Therapeutics (NASDAQ:OREX): The stock opened at $0.46 on Friday but the bulls could not build on the opening and the stock topped out at $0.47 for the day. The stock traded down to $0.45 during the day, due to lack of any buying support eventually closed down at $0.45 with a loss of -9.86% for the day. The stock had closed at $0.50 on the previous day. The total traded volume was 10,864,859 shares.
The company shares have dropped -90.09% from its 1 Year high price. On Jul 1, 2015, the shares registered one year high at $5.04 and the one year low was seen on May 19, 2016. The 50-Day Moving Average price is $0.43 and the 200 Day Moving Average price is recorded at $0.99.
Orexigen Therapeutics (NASDAQ:OREX) has tumbled 4.41% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 7.65% in the last four weeks. The stocks have underperformed the S&P 500 by 2.82% during the past week but Orexigen Therapeutics (NASDAQ:OREX) it has outperformed the index in 4 weeks by 10.91%.
Orexigen Therapeutics, Inc. (Orexigen) is a biopharmaceutical company. The Company is focused on the development of pharmaceutical product candidates for the treatment of obesity. The Companys product is Contrave, a fixed dose combination of bupropion hydrochloride (HCl) extended release (ER) and naltrexone HCl ER. The Companys product Contrave, is approved in the United States by the United States Food and Drug Administration (FDA) as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI), of around 30 kilograms per square meter (kg/m2) or greater (obese), or around 27 kilograms per square meter or greater (overweight) in the presence of at least one weight-related comorbid condition. The Company also submitted an application for marketing authorization with the European Medicines Agency (EMA) for Contrave under the name Mysimba.