Orexigen Therapeutics, Inc. (NASDAQ:OREX) Upgraded 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 research report issued on Tuesday.
According to Zacks, “Orexigen’s sole marketed drug, Contrave, targets the obesity market which represents immense commercial potential. Contrave sales are picking up slowly. With the acquisition of U.S. rights of Contrave in Mar 2016 from Takeda, Orexigen has adopted a targeted approach for ramping up Contrave sales. Contrave should benefit from a more targeted sales effort. However, commercialization efforts have increased costs. We are also optimistic about the company’s collaboration agreement with several companies for the commercialization of the drug in Europe. The company’s shares underperformed the Zacks classified Medical/Biomedical Genetics industry in the last one year. Meanwhile, Orexigen’s dependence on Contrave for growth and early stage of pipeline candidates remain potent concerns. Estimates have remained mostly stable lately ahead of the Q2 results. The company has a mixed record of earnings surprises in recent quarters.”
Separately, ValuEngine raised shares of Orexigen Therapeutics from a “strong sell” rating to a “sell” rating in a report on Tuesday.
Shares of Orexigen Therapeutics (NASDAQ OREX) traded down 1.67% on Tuesday, reaching $2.94. 16,119 shares of the company were exchanged. The stock’s market capitalization is $44.77 million. Orexigen Therapeutics has a 12-month low of $1.65 and a 12-month high of $5.70. The firm has a 50 day moving average price of $3.02 and a 200-day moving average price of $3.30.
Orexigen Therapeutics (NASDAQ:OREX) last posted its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($4.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.60) by $2.07. The firm had revenue of $19.10 million for the quarter, compared to the consensus estimate of $20 million. Orexigen Therapeutics had a negative return on equity of 580.50% and a negative net margin of 149.02%. The business’s revenue was up 282.0% on a year-over-year basis. During the same period last year, the company posted ($1.54) EPS. On average, analysts predict that Orexigen Therapeutics will post ($9.85) EPS for the current fiscal year.
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Several institutional investors have recently modified their holdings of OREX. Creative Planning raised its position in shares of 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 during the last quarter. Acadian Asset Management raised its position in shares of Orexigen Therapeutics by 1,894.1% in the fourth quarter. Acadian Asset Management now owns 792,139 shares of the biopharmaceutical company’s stock worth $1,362,000 after buying an additional 752,414 shares during the last quarter. Oxford Asset Management raised its position in shares of 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 during the last quarter. Baupost Group LLC MA raised its position in shares of Orexigen Therapeutics by 176.2% in the fourth quarter. Baupost Group LLC MA now owns 2,268,399 shares of the biopharmaceutical company’s stock worth $3,902,000 after buying an additional 1,447,036 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Orexigen Therapeutics by 0.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,508,415 shares of the biopharmaceutical company’s stock worth $11,194,000 after buying an additional 16,700 shares during the last quarter. 45.28% of the stock is currently owned by hedge funds and other institutional investors.
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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