Zacks Investment Research upgraded shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) from a sell rating to a hold rating in a report released on Tuesday, July 11th.
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 Orexigen Therapeutics from a strong sell rating to a sell rating in a research note on Tuesday, July 11th.
Shares of Orexigen Therapeutics (OREX) traded down 1.18% on Tuesday, reaching $2.51. 28,873 shares of the company’s stock traded hands. The company’s 50-day moving average is $2.86 and its 200-day moving average is $3.39. The firm’s market capitalization is $38.22 million. Orexigen Therapeutics has a 52 week low of $1.65 and a 52 week high of $5.70.
Orexigen Therapeutics (NASDAQ:OREX) last posted its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($4.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($2.60) by $2.07. The company had revenue of $19.10 million during the quarter, compared to analyst estimates of $20 million. Orexigen Therapeutics had a negative return on equity of 580.50% and a negative net margin of 149.02%. Orexigen Therapeutics’s revenue was up 282.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.54) earnings per share. Equities research analysts anticipate that Orexigen Therapeutics will post ($9.85) earnings per share for the current fiscal year.
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Several institutional investors have recently bought and sold shares of OREX. EcoR1 Capital LLC bought a new position in Orexigen Therapeutics during the first quarter worth approximately $405,000. KCG Holdings Inc. raised its position in Orexigen Therapeutics by 30.0% in the first quarter. KCG Holdings Inc. now owns 43,954 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 10,139 shares in the last quarter. Old West Investment Management LLC raised its position in Orexigen Therapeutics by 0.3% in the first quarter. Old West Investment Management LLC now owns 206,687 shares of the biopharmaceutical company’s stock worth $711,000 after buying an additional 669 shares in the last quarter. Foresite Capital Management II LLC raised its position in shares of Orexigen Therapeutics by 14.6% in the first quarter. Foresite Capital Management II LLC now owns 622,013 shares of the biopharmaceutical company’s stock valued at $2,140,000 after buying an additional 79,258 shares during the period. Finally, Foresite Capital Management III LLC raised its position in shares of Orexigen Therapeutics by 49.7% in the first quarter. Foresite Capital Management III LLC now owns 380,530 shares of the biopharmaceutical company’s stock valued at $1,309,000 after buying an additional 126,273 shares during the period. 45.18% of the stock is currently owned by 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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