What’s on the Orexigen Therapeutics, Inc (NASDAQ:OREX) horizon?
On Tuesday, Orexigen Therapeutics (NASDAQ:OREX) announced its quarterly earnings results. OREX reported earnings per share of $0.19 which met the average analysts’ estimate of $0.19. Four research analysts have a “buy” rating on the stock while one has a “hold” rating. Currently the company has an average rating of “buy” with a $9.67 consensus target price.
In Wednesday’s trading session, OREX stock dipped by 1.63 percent. The opening price of the shares was $7.35 which touched an intraday high of $7.50 and closed at $7.24. Almost 1.24M shares were traded on Wednesday and the average volume of shares sold traded over 30 days was 1.41M. The company’s market cap is $685.21M.
In separate news, Joseph Hagan, an insider off-loaded 12,000 OREX shares in a transaction that was dated 31 July. The shares were sold at a $7.80 average price for a $93,600.00 total transaction.
Orexigen Therapeutics (NASDAQ:OREX) is involved in the development of drugs that are used in the treatment of obesity and other disorders. The company develops as well as commercializes combinations of drugs that are currently available. These are designed to achieve as well as maintain weight-loss. They do this by diminishing the appetite, enhancing satiety. They also improve the energy expenditure and minimize the efforts that the body puts in to compensate for its weight-loss.
Contrave is the company’s combination product candidates for obesity. This drug has completed a Phase3 clinical trial. The New Drug Application has already been submitted and reviewed by the U.S FDA. OREX’s other drug is Empatic. This drug has completed Phase2 clinical trials In 2012 January, Orexigen Therapeutics (NASDAQ:OREX) received a CRL or a Complete Response Letter for its Contrave NDA.
Contrave is a fixed-dose combination of naltrexone SR and bupropion sustained release (SR). Naltrexone was picked to complement bupropion so that it could block the compensating mechanisms that try to prevent long-term, sustained weight loss