Orexigen Therapeutics Sitting At Session Highs
Shares of Orexigen Therapeutics (NASDAQ: OREX) are surging on Friday after the FDA approved a weight loss drug from Arena Pharmaceuticals (NASDAQ: ARNA) 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.
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