When looking at the obesity drug space, investors tend to focus on VIVUS' (NASDAQ:VVUS) Qsymia and Arena Pharmaceuticals' (NASDAQ:ARNA) Belviq.

But have they already forgotten about the third potential player: Orexigen Therapeutics (NASDAQ:OREX)?

Orexigen's success hinges on approval from the Food and Drug Administration on its weight-loss drug Contrave, and the company released news today that suggests it is inching its way closer to a final decision. In the following video, health care analyst Max Macaluso breaks down the news, explains why shares of Orexigen were static today, and also notes one major risk that investors can't ignore with this stock.

Max Macaluso, Ph.D. has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.