Orexigen Therapeutics Sitting At Session Highs

Shares of Orexigen Therapeutics

are surging on Friday after the FDA approved a weight loss drug from Arena Pharmaceuticals

called Lorcaserin. Orexigen has a similar drug called Contrave which has completed Phase III clinical trials and a drug called Empatic which has completed Phase II trials. The news from Arena has sent shares of Orexigen flying higher to end the week. At last check, the small-cap biotech name had added more than 17% and was trading at $3.93. The stock has traded in a range between $1.22 and $5.14 over the last 52-weeks.