One of the directors of San Diego-based Orexigen Therapeutics, Daniel K. Turner III of Montreux Equity Partners, bought 300,000 shares of the company’s stock today for his fund after the price dipped on some bad news. Turner, who joined the board in April 2005, disclosed today’s purchases, at prices between $3.20 and $3.50 a share, in a regulatory filing today with the Securities and Exchange Commission.
Orexigen (NASDAQ: OREX) stock plummeted 35 percent today after the company disclosed it was scrapping development of two experimental drugs, and the resignations of four senior executives. Entities controlled by Turner held 1.4 million shares of Orexigen, about 4.1 percent of the company, at the end of March, according to the company’s annual proxy filing. Orexigen is awaiting results next month from a final-stage study of its lead obesity drug in development.