Orexigen Therapeutics Inc. (OREX) Rating Increased to Hold at Zacks Investment Research
Orexigen Therapeutics Inc. (NASDAQ:OREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Orexigen’s sole marketed drug, Contrave, targets the obesity market which represents immense commercial potential. Low rates of penetration and awareness and the lack of safe and effective treatment options make the market highly lucrative. Contrave could bring in multi-million dollar sales for the company. We are positive on the company’s collaboration agreement with Valeant for the commercialization of the drug. However, Contrave sales are yet to pick up and Orexigen’s dependence on Contrave for growth and lack of pipeline candidates is concerning. Contrave is facing a patent challenge as well. Estimates have gone down ahead of the company’s Q3 earnings release. The company has an impressive track record of earnings surprises in the recent quarters.”
Shares of Orexigen Therapeutics (NASDAQ:OREX) traded up 0.67% during midday trading on Wednesday, hitting $3.00. The stock had a trading volume of 42,067 shares. Orexigen Therapeutics has a one year low of $2.88 and a one year high of $34.40. The firm’s 50-day moving average price is $3.53 and its 200-day moving average price is $4.14. The firm’s market capitalization is $43.76 million.
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Orexigen Therapeutics (NASDAQ:OREX) last released its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($1.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.47) by $0.26. Orexigen Therapeutics had a negative net margin of 275.98% and a negative return on equity of 380.26%. The business had revenue of $7.79 million for the quarter, compared to analyst estimates of $6.88 million. During the same period in the prior year, the business earned ($0.18) earnings per share. The company’s revenue for the quarter was up 50.0% on a year-over-year basis. On average, equities analysts predict that Orexigen Therapeutics will post ($6.38) EPS for the current year.
Large investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. boosted its stake in Orexigen Therapeutics by 231.5% in the second quarter. KCG Holdings Inc. now owns 264,713 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 184,861 shares in the last quarter. Creative Planning boosted its stake in Orexigen Therapeutics by 314.2% in the fourth quarter. Creative Planning now owns 146,062 shares of the biopharmaceutical company’s stock worth $251,000 after buying an additional 110,800 shares in the last quarter. Rhenman & Partners Asset Management AB boosted its stake in Orexigen Therapeutics by 0.9% in the first quarter. Rhenman & Partners Asset Management AB now owns 1,200,000 shares of the biopharmaceutical company’s stock worth $675,000 after buying an additional 11,000 shares in the last quarter. Oxford Asset Management boosted its stake in Orexigen Therapeutics by 24.2% in the fourth quarter. Oxford Asset Management now owns 654,750 shares of the biopharmaceutical company’s stock worth $1,138,000 after buying an additional 127,635 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Orexigen Therapeutics by 34.8% in the first quarter. Renaissance Technologies LLC now owns 2,381,100 shares of the biopharmaceutical company’s stock worth $1,340,000 after buying an additional 614,900 shares in the last quarter.
About Orexigen Therapeutics
Orexigen Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the treatment of obesity. The Company’s product, Contrave, is approved in the United States by the United States Food and Drug Administration as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI) of 30 kilograms per square meter or greater (obese) or 27 kilograms per square meter or greater (overweight) in the presence of a weight-related comorbid condition.
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