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A biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of central nervous system, disorders, with an initial focus on obesity.
Let me see if I have this straight.Orexigen is worth 3 bucks a share when they don't have a shot at Contrave approval until after they complete a five year cardiovascular outcomes study that will cost tens of millions of dollars and require tens of millions of shares in dilution.Orexigen is worth 1.3 bucks a share and 60M in market cap when they've abandoned Contrave and have 70M in cash to apply to new endeavors.Orexigen is worth 2.1 bucks a share when they have a shot at Contrave approval after a two year interim analysis of the cardiovascular outcomes study, and may not need to raise more cash prior to the NDA resubmission.Conclusion: Orexigen investors are morons. Oh wait, I'm one of them. 12000 shares at a cost basis of 1.68. Yes, I wish I'd sold at 2.6 at the open Wednesday. Now I feel like Principal Skinner in the middle of a food fight at Springfield Elementary. Believe me, I'll be thrilled to sell this stock and elevate the intelligence level of my portfolio, but I'm hoping volatility will get me back to at least 2.5. There's always the possibility of an EMA submission for Contrave to foam up the stock again.
I am closing my downthumb as soon as the 7 day wait period ends...from here it looks like it can easily shoot back up to 3 given some time
Sold 12000 shares at 2.42 today for a GBMB profit of $8880.
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