Orexigen Therapeutics, Inc. (NASDAQ:OREX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) from a sell rating to a hold rating in a report issued 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. With the acquisition of U.S. rights of Contrave in Mar 2016 from Takeda, Orexigen has adopted a targeted approach for ramping up Contrave sales. Contrave should benefit from a more targeted sales effort. However, commercialization efforts have increased costs. We are also optimistic about the company’s collaboration agreement with several companies for the commercialization of the drug in Europe. The company’s shares underperformed the Zacks classified Medical/Biomedical Genetics industry in the last one year.  Meanwhile, Orexigen’s dependence on Contrave for growth and early stage of pipeline candidates remain potent concerns. Estimates have remained mostly stable lately ahead of the Q2 results. The company has a mixed record of earnings surprises in recent quarters.”

Separately, ValuEngine upgraded Orexigen Therapeutics from a strong sell rating to a sell rating in a report on Tuesday, July 11th.

Shares of Orexigen Therapeutics (NASDAQ OREX) traded down 0.35% during trading on Tuesday, reaching $2.87. The company’s stock had a trading volume of 54,536 shares. Orexigen Therapeutics has a 52-week low of $1.65 and a 52-week high of $5.70. The stock’s 50 day moving average price is $3.02 and its 200-day moving average price is $3.30. The stock’s market cap is $43.70 million.

Orexigen Therapeutics (NASDAQ:OREX) last released its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($4.67) earnings per share for the quarter, missing the consensus estimate of ($2.60) by $2.07. Orexigen Therapeutics had a negative return on equity of 580.50% and a negative net margin of 149.02%. The business had revenue of $19.10 million during the quarter, compared to analysts’ expectations of $20 million. During the same quarter last year, the business posted ($1.54) EPS. The company’s quarterly revenue was up 282.0% compared to the same quarter last year. Equities analysts anticipate that Orexigen Therapeutics will post ($9.85) EPS for the current year.

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A number of large investors have recently added to or reduced their stakes in the company. Foresite Capital Management II LLC boosted its position in Orexigen Therapeutics by 14.6% in the first quarter. Foresite Capital Management II LLC now owns 622,013 shares of the biopharmaceutical company’s stock worth $2,140,000 after buying an additional 79,258 shares during the last quarter. Foresite Capital Management III LLC boosted its position in Orexigen Therapeutics by 49.7% in the first quarter. Foresite Capital Management III LLC now owns 380,530 shares of the biopharmaceutical company’s stock worth $1,309,000 after buying an additional 126,273 shares during the last quarter. Old West Investment Management LLC boosted its position in Orexigen Therapeutics by 0.3% in the first quarter. Old West Investment Management LLC now owns 206,687 shares of the biopharmaceutical company’s stock worth $711,000 after buying an additional 669 shares during the last quarter. EcoR1 Capital LLC purchased a new position in Orexigen Therapeutics during the first quarter worth approximately $405,000. Finally, Wells Fargo & Company MN boosted its position 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 worth $153,000 after buying an additional 20,988 shares during the last quarter. Institutional investors and hedge funds own 45.16% of the company’s stock.

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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