Orexigen Therapeutics, Inc. (OREX) Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) 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 raised Orexigen Therapeutics from a strong sell rating to a sell rating in a research note on Tuesday, July 11th.
Orexigen Therapeutics (NASDAQ:OREX) traded down 0.49% on Tuesday, hitting $2.04. The stock had a trading volume of 19,791 shares. Orexigen Therapeutics has a 1-year low of $1.65 and a 1-year high of $5.70. The stock’s 50-day moving average is $2.23 and its 200 day moving average is $2.73. The firm’s market capitalization is $31.48 million.
Orexigen Therapeutics (NASDAQ:OREX) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.40) by $0.58. Orexigen Therapeutics had a negative return on equity of 824.15% and a negative net margin of 120.77%. The company had revenue of $23.36 million for the quarter, compared to analysts’ expectations of $20.00 million. During the same quarter in the prior year, the firm earned ($1.73) earnings per share. Orexigen Therapeutics’s revenue was up 199.9% compared to the same quarter last year. On average, equities research analysts predict that Orexigen Therapeutics will post ($9.37) earnings per share for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of OREX. EcoR1 Capital LLC purchased a new stake in Orexigen Therapeutics during the first quarter worth $405,000. Wells Fargo & Company MN lifted its holdings in Orexigen Therapeutics by 89.1% during the first quarter. Wells Fargo & Company MN now owns 44,538 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 20,988 shares during the period. Finally, KCG Holdings Inc. lifted its holdings in Orexigen Therapeutics by 30.0% during 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 during the period. 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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