Before today's opening bell, the La Jolla, CA-based biopharmaceutical company posted a net loss of 12 cents per share, wider than the loss of 8 cents per share analysts were expecting.
Revenue for the period was $4.9 million, missing Wall Street's projections for revenue of $14.07 million.
"By utilizing partners and distributors to commercialize Contrave / Mysimba in Europe and other major global territories and by tightly controlling our operating expenses, we believe that Orexigen could become profitable by late 2018 without the need for additional capital," CEO Michael Narachi said in a statement.
Contrave and Mysimba are for the treatment of obesity.
Orexigen is focused on the development of pharmaceutical product candidates for the treatment of obesity.
About 2.48 million of the company's shares were traded by this morning, well above its average volume of 1.28 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
This is driven by multiple weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: OREX