Orexigen Therapeutics (OREX) Lowered to Sell at Zacks Investment Research

Orexigen Therapeutics (NASDAQ:OREX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Orexigen’s sole marketed drug, Contrave, targets the obesity market, which represents immense commercial potential. Orexigen has adopted a targeted approach for ramping up Contrave sales after the reacquisition of the U.S. rights last year. The targeted sales efforts are benefitting as Contrave prescriptions and sales have risen sequentially this year. However, accelerated commercialization efforts have increased costs, which hurt 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 underperformed the industry in the past one year. Estimates have remained stable ahead of the Q4 earnings results. The company has a mixed record of earnings surprises in recent quarters.”

Orexigen Therapeutics (OREX) opened at $1.24 on Thursday. The company has a debt-to-equity ratio of -2.75, a current ratio of 2.00 and a quick ratio of 1.71. Orexigen Therapeutics has a 1 year low of $1.14 and a 1 year high of $5.70. The company has a market cap of $19.13, a P/E ratio of -0.13 and a beta of 2.31.

Orexigen Therapeutics (NASDAQ:OREX) last issued its quarterly earnings results on Monday, November 13th. The biopharmaceutical company reported ($1.35) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.13) by $0.78. Orexigen Therapeutics had a negative net margin of 192.65% and a negative return on equity of 824.15%. The company had revenue of $18.90 million during the quarter, compared to analysts’ expectations of $24.20 million. During the same quarter last year, the company posted $1.12 EPS. The firm’s revenue was up 170.0% compared to the same quarter last year. equities research analysts forecast that Orexigen Therapeutics will post -10.08 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Orexigen Therapeutics stock. Wells Fargo & Company MN raised its holdings in Orexigen Therapeutics, Inc. (NASDAQ:OREX) by 2.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,638 shares of the biopharmaceutical company’s stock after buying an additional 1,100 shares during the period. Wells Fargo & Company MN owned approximately 0.30% of Orexigen Therapeutics worth $132,000 as of its most recent SEC filing. 34.61% of the stock is currently owned by hedge funds and other institutional investors.

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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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