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.
In September, the U.S. Food and Drug Administration approved Contrave, its drug for chronic weight management in adults.
OREX data by YCharts