Skip to main content

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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Scroll to Continue

TheStreet Recommends

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

OREX data by YCharts

Image placeholder title

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.