Biodel, Arena Pharma: Volume Movers

Several stocks trading near $5, including Biodel, were poised to move on above-average volume during Monday's session.
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NEW YORK (TheStreet) -- Biodel (BIOD) was one of several stocks trading near $5 poised to move on above-average volume Monday after the company announced positive results of a clinical study of its rapid-acting diabetes injection.

Biodel

said that in patients with type 2 diabetes receiving its VIAject insulin injection achieved hemoglobin A1c control similar to that for patients receiving regular human insulin. However, patients receiving VIAject saw a two-fold reduction in rates of hypoglycemia and significantly less weight gain, the company said.

Shares of Biodel rose by 12 cents, or 3%, to $4.18 in Friday's after-market session. The 50-day average daily share volume for Biodel is 316,000, according to the

Nasdaq

.

Elsewhere,

Arena Pharmaceuticals

(ARNA) - Get Report

jumped by 16 cents, or 5%, to $3.40 in the premarket session after the company said its weight loss drug lorcaserin reduced body weight in all patient subgroups of a Phase III clinical program. "Greater improvements in cardiovascular risk factors were also achieved with lorcaserin treatment compared to placebo overall and in most subgroups," the company said. The 50-day average daily volume for Arena is 2.76 million.

Orexigen Therapeutics

(OREX)

shares gained 18 cents, or 4.3%, to $4.33 in the premarket session after the company said overweight or obese patients with type 2 diabetes treated with its obesity drug Contrave lost significantly more weight and achieved greater improvement in glycemic control than those treated with placebo. The 50-day average daily volume for Orexigen is 610,000.

On the downside,

Somaxon Pharmaceuticals

(SOMX)

slumped by 23 cents, or 4.7%, to $4.72 in Friday's after-market session after the company filed with the

Securities and Exchange Commission

for a $75 million mixed securities shelf offering. The 50-day average daily volume for Somaxon is 1.64 million.

-- Written by Robert Holmes in Boston

.

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