Orexigen Therapeutics, Inc. (NASDAQ: OREX) is having an incredible day in the market today, and for good reason. The company announced a submission for a new drug in Canada. Of course, this led to investor excitement, causing gains in the stock and prompting our partners at Trade Ideas to alert us to the trends. At the moment (11:27), OREX is trading at $3.14 per share after a gain of $0.16 per share or 5.23% thus far today.
OREX Announces New Drug Submission
As mentioned above, Orexigen is having an incredibly strong start to the trading session today after announcing a new drug submission. The company has submitted Contrave(C) for regulatory approval in Canada. Of course, after submission, investors wait months before an approval or denial decision. Nonetheless, this is causing quite a bit of excitement in the investing community and pushing the stock upward, and for good reason. Considering all of the recent news and data surrounding Contrave, there’s a good chance of approval here.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching OREX incredibly closely. In particular, we’re interested in following the new drug submission and hopefully approval of Contrave ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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