Shares of Orexigen Therapeutics Inc. (NASDAQ: OREX), a biopharmaceutical company engaged in the development of pharmaceutical product candidates for the treatment of obesity, soared in trading on Thursday.
OREX shares rose to a new 52-week high of $5.95 on Thursday before finishing the day 19.92% higher at $5.90 on above average volume of 22.47 million. The stock gained 45.5% in the last three trading sessions.
Orexigen Therapeutics shares have been gaining momentum after the FDA approved Arena Pharmaceuticals Inc.’s (NASDAQ: ARNA) obesity drug Belviq.
The approval has raised prospects for Orexigen’s own obesity drug, Contrave. It may be recalled that the FDA initially rejected both, Contrave and Belviq, due to safety concerns. But, the approval of Belviq has given hope to OREX.
Orexigen plans to refile its application with additional safety data for Contrave within two years.
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