Silverback Asset Management Exits Position in Orexigen Therapeutics (OREX)

Orexigen Therapeutics (OREX) : Silverback Asset Management has sold out all of its stake in Orexigen Therapeutics during the most recent quarter, according to the disclosure filed by the company on May 13, 2016 with the SEC. The investment management company has sold out 237,332 shares of Orexigen Therapeutics which is valued at $89,237.

Other Hedge Funds, Including , Citadel Advisors boosted its stake in OREX in the latest quarter, The investment management firm added 9,641 additional shares and now holds a total of 21,152 shares of Orexigen Therapeutics which is valued at $7,953.Janney Montgomery Scott boosted its stake in OREX in the latest quarter, The investment management firm added 381 additional shares and now holds a total of 29,848 shares of Orexigen Therapeutics which is valued at $11,223.Blackrock Group Ltd boosted its stake in OREX in the latest quarter, The investment management firm added 17,339 additional shares and now holds a total of 41,606 shares of Orexigen Therapeutics which is valued at $15,644.Blackrock Investment Management boosted its stake in OREX in the latest quarter, The investment management firm added 9,962 additional shares and now holds a total of 382,286 shares of Orexigen Therapeutics which is valued at $143,740. Russell Frank Co sold out all of its stake in OREX during the most recent quarter. The investment firm sold 52,584 shares of OREX which is valued $23,505.

Orexigen Therapeutics opened for trading at $0.417 and hit $0.4363 on the upside on Wednesday, eventually ending the session at $0.4282, with a gain of 0.52% or 0.0022 points. The heightened volatility saw the trading volume jump to 17,48,513 shares. Company has a market cap of $62 M.

On the company’s financial health, Orexigen Therapeutics reported $-0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 4, 2016. Analyst had a consensus of $-0.16. The company had revenue of $5.00 million for the quarter, compared to analysts expectations of $7.89 million. The company’s revenue was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.14 EPS.

Many Wall Street Analysts have commented on Orexigen Therapeutics. Shares were Reiterated by RBC Capital Mkts on Mar 16, 2016 to “Sector Perform” and Lowered the Price Target to $ 0.60 from a previous price target of $1 .Orexigen Therapeutics was Downgraded by JMP Securities to ” Mkt Perform” on Mar 16, 2016. Orexigen Therapeutics was Downgraded by Piper Jaffray to ” Neutral” on Mar 16, 2016.

Orexigen Therapeutics Inc. (Orexigen) is a biopharmaceutical company. The Company is focused on the development of pharmaceutical product candidates for the treatment of obesity. The Company’s product is Contrave a fixed dose combination of bupropion hydrochloride (HCl) extended release (ER) and naltrexone HCl ER. The Company’s product Contrave is approved in the United States by the United States Food and Drug Administration (FDA) 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 around 30 kilograms per square meter (kg/m2) or greater (obese) or around 27 kilograms per square meter or greater (overweight) in the presence of at least one weight-related comorbid condition. The Company also submitted an application for marketing authorization with the European Medicines Agency (EMA) for Contrave under the name Mysimba.

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