For the second straight day Healthcare stocks showed a minor increase as a sector, pushing forward 0.27% yet there were a number of companies that enjoyed tremendous days, none better than Orexigen Therapeutics, Inc. (NASDAQ: OREX) which skyrocketed 80.08% on the day to close at 8.77 on nearly 30 million in trading volume. The big news for OREX was the FDA advisory panel’s decision to encourage FDA approval for the weight-loss pill Contrave. Shares climbed as high as 11.15 during the day, a new 52-week high, and they remain comfortably ahead of the 50-day moving average of 5.75 and 200-day moving average of 5.52.
While Orexigen was grabbing the headlines Alexza Pharmaceuticals, Inc. (NASDAQ: ALXA) managed to put together an impressive day, jumping 22.69% on Wednesday to close at 1.18 on nearly 4x their average trading volume. Shares in the company, which focuses on the research, development, and commercialization of novel proprietary products for the acute treatment of central nervous system conditions, still trail the 50-day moving average of 1.38 and 200-day moving average of 2.60.
With more than 20x their average volume trading on Wednesday shares in EnteroMedics, Inc. (NASDAQ: ETRM) climbed 16.93% to close at 2.21. The company, which focuses on design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders, saw shares climb as high as 2.71, a three-month high, and they remain above the 50-day moving average of 1.86 and are closing in on the 200-day moving average of 2.44.
Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX), which focuses on the discovery and development of pharmaceutical products for the treatment of human disease, including immunology, metabolism, cardiology, and ophthalmology, saw shares climb 16.79% on Wednesday to close at 1.60. The strong day pushed shares past the 50-day moving average of 1.56 and the 200-day moving average of 1.49.
Perhaps no company benefited more from Orexigen’s good news than one of its main competitors as Vivus, Inc. (NASDAQ: VVUS) posted another strong day climbing 15.38% on the day to close at 9.00 after more than 20 million shares traded hands. Shares in the company, which engages in the development and commercialization of therapeutic products for underserved markets in the United States, hit a high of 9.32, a three-month high, as they continue to bounce back from July’s disappointing FDA decision. Shares remain above the 50-day moving average of 6.69 and past the 200-day moving average of 8.22.