Orexigen Therapeutics (OREX) Upgraded at Zacks Investment Research
Orexigen Therapeutics (NASDAQ:OREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
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.”
Shares of Orexigen Therapeutics (NASDAQ OREX) traded up $0.02 on Tuesday, reaching $1.20. The company had a trading volume of 358,600 shares, compared to its average volume of 228,711. The company has a debt-to-equity ratio of -2.75, a current ratio of 2.00 and a quick ratio of 1.71. The firm has a market capitalization of $18.52, a P/E ratio of -0.12 and a beta of 2.31. Orexigen Therapeutics has a 52-week low of $1.14 and a 52-week high of $5.70.
Orexigen Therapeutics (NASDAQ:OREX) last posted its quarterly earnings data on Monday, November 13th. The biopharmaceutical company reported ($1.35) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.13) by $0.78. The business had revenue of $18.90 million during the quarter, compared to the consensus estimate of $24.20 million. Orexigen Therapeutics had a negative return on equity of 824.15% and a negative net margin of 192.65%. The company’s revenue was up 170.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 earnings per share. equities research analysts predict that Orexigen Therapeutics will post -10.08 EPS for the current fiscal year.
A hedge fund recently raised its stake in Orexigen Therapeutics stock. Wells Fargo & Company MN grew its position in Orexigen Therapeutics, Inc. (NASDAQ:OREX) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,638 shares of the biopharmaceutical company’s stock after acquiring an additional 1,100 shares during the quarter. Wells Fargo & Company MN owned about 0.30% of Orexigen Therapeutics worth $132,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 34.60% of the company’s stock.
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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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