Orexigen Therapeutics, Inc. (NASDAQ:OREX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. Orexigen has adopted a targeted approach for ramping up Contrave sales after reacquisition of the U.S. rights last year. Contrave should benefit from a more targeted sales effort. However, accelerated commercialization efforts have increased costs which hurts profit. We are also positive on the company’s collaboration agreement with several companies for the commercialization of the drug in Europe. Meanwhile, Orexigen’s dependence on Contrave for growth and early stage of pipeline candidates remain potent concerns. However, shares of the company have outperformed the industry so far this year. Estimates have remained stable ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
Separately, ValuEngine upgraded shares of Orexigen Therapeutics from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 11th.
Orexigen Therapeutics (NASDAQ:OREX) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.40) by $0.58. The business had revenue of $23.36 million for the quarter, compared to analyst estimates of $20.00 million. Orexigen Therapeutics had a negative net margin of 120.77% and a negative return on equity of 824.15%. The company’s revenue was up 199.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.73) EPS. On average, equities analysts expect that Orexigen Therapeutics will post ($9.37) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of OREX. Wells Fargo & Company MN raised its holdings in Orexigen Therapeutics by 89.1% in the first quarter. Wells Fargo & Company MN now owns 44,538 shares of the biopharmaceutical company’s stock valued at $153,000 after buying an additional 20,988 shares during the period. KCG Holdings Inc. raised its holdings in Orexigen Therapeutics by 30.0% in the first quarter. KCG Holdings Inc. now owns 43,954 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 10,139 shares during the period. Finally, EcoR1 Capital LLC purchased a new position in Orexigen Therapeutics in the first quarter valued at approximately $405,000. Hedge funds and other institutional investors own 39.66% of the company’s stock.
Orexigen Therapeutics Company Profile
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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