Orexigen Therapeutics Given “Neutral” Rating at Zacks (OREX)
Orexigen Therapeutics (NASDAQ:OREX)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Wednesday. They currently have a $5.50 target price on the stock. Zacks‘s price target suggests a potential upside of 3.09% from the stock’s previous close.
Zacks’ analyst wrote, “We are initiating coverage on Orexigen with a Neutral recommendation. Orexigen suffered a loss of $0.23 per share in the first quarter of 2014, wider than the Zacks Consensus Estimate of a loss of $0.20 and the year-ago loss of $0.21. Revenues remained flat year over year at $0.9 million, in line with the Zacks Consensus Estimate. We are impressed by Orexigen’s efforts to bring its obesity candidate NB32 to market. Although we expect the drug to gain approval this time round, we prefer to remain on the sidelines until we gain visibility on the ramp up of NB32 once approved. Competition in the obesity market exists in the form of Belviq and Qsymia.”
Shares of Orexigen Therapeutics (NASDAQ:OREX) traded down 1.31% on Wednesday, hitting $5.265. The stock had a trading volume of 1,343,137 shares. Orexigen Therapeutics has a one year low of $4.60 and a one year high of $7.84. The stock has a 50-day moving average of $6.05 and a 200-day moving average of $6.23. The company’s market cap is $612.5 million. Orexigen Therapeutics also was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 22,200,028 shares, a decrease of 5.9% from the June 13th total of 23,604,280 shares. Based on an average trading volume of 3,707,210 shares, the days-to-cover ratio is currently 6.0 days. Currently, 22.7% of the shares of the stock are sold short.
Orexigen Therapeutics (NASDAQ:OREX) last released its earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by $0.03. Analysts expect that Orexigen Therapeutics will post $-0.11 EPS for the current fiscal year.
Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Orexigen Therapeutics in a research note on Thursday, April 24th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $8.92.
Orexigen Therapeutics, Inc develops drug treatments for obesity and related disorders. Orexigen Therapeutics, Inc develops and commercializes combinations of currently available drugs that are designed to achieve and sustain weight loss by enhancing satiety, diminishing appetite, improving energy expenditure and minimizing the body’s efforts to compensate for weight loss.
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