Orexigen Therapeutics (OREX) Stock Soars Today on Big Third Quarter Earnings Beat
NEW YORK (TheStreet) -- Shares of Orexigen Therapeutics Inc. (OREX) are soaring, up 17.92% to $4.54 in early market trading Monday, after the La Jolla, CA-based company reported better than expected third quarter results this morning with earnings of $11.3 million, or 9 cents per share, surpassing analysts' estimates of a loss of 13 cents per share.
The drug developer for obesity posted revenue of $30.9 million for the quarter, significantly higher versus the consensus estimate of $8.93 million.
Total operating expenses for the third quarter was $17.8 million, lower compared to the $19.4 million from last year reflecting the decrease in research and development expenses.
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In September, the U.S. Food and Drug Administration approved Contrave, its drug for chronic weight management in adults.
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