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 morning.

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 shares of Orexigen Therapeutics from a strong sell rating to a sell rating in a research report on Tuesday, July 11th.

Orexigen Therapeutics (OREX) traded down 3.8873% on Tuesday, reaching $1.9607. The company’s stock had a trading volume of 4,279,101 shares. The company’s market cap is $30.25 million. Orexigen Therapeutics has a 12 month low of $1.65 and a 12 month high of $5.70. The stock’s 50 day moving average price is $2.21 and its 200 day moving average price is $2.71.

Orexigen Therapeutics (NASDAQ:OREX) last issued its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.82) EPS for the quarter, beating the Zacks’ consensus estimate of ($2.40) by $0.58. The business had revenue of $23.36 million for the quarter, compared to analysts’ expectations of $20.00 million. Orexigen Therapeutics had a negative net margin of 120.77% and a negative return on equity of 824.15%. The business’s quarterly revenue was up 199.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.73) earnings per share. Equities research analysts forecast that Orexigen Therapeutics will post ($9.37) earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in OREX. Wells Fargo & Company MN boosted its position in shares of Orexigen Therapeutics by 89.1% during the 1st quarter. Wells Fargo & Company MN now owns 44,538 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 20,988 shares in the last quarter. KCG Holdings Inc. boosted its position in shares of Orexigen Therapeutics by 30.0% during the 1st quarter. KCG Holdings Inc. now owns 43,954 shares of the biopharmaceutical company’s stock worth $151,000 after purchasing an additional 10,139 shares in the last quarter. Finally, EcoR1 Capital LLC bought a new position in shares of Orexigen Therapeutics during the 1st quarter worth about $405,000. 39.66% 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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