The stock has been extremely volatile over the past week. It sank 72% to $2.50 last Tuesday after U.S. regulators unexpectedly denied approval of its obesity drug Contrave.
Even savvy hedge fund trader Steven Cohen's SAC Capital Advisors, which picked up a 5% stake in the company a day ahead of the FDA decision, was caught by surprise. Buying, however, once again resumed in the stock starting Wednesday, with the share price rebounding to $3.61 on Friday. The stock was last up 8.7% at $3.94. Over 12 million shares were changing hands.
(CCME) was in the spotlight after
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