Shares of Orexigen Therapeutics Inc. (NASDAQ:OREX) were down 5.1% during mid-day trading on Wednesday . The company traded as low as $3.50 and last traded at $3.51, with a volume of 319,187 shares traded. The stock had previously closed at $3.70.

Separately, Zacks Investment Research downgraded shares of Orexigen Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, March 31st. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Orexigen Therapeutics currently has an average rating of “Hold” and a consensus price target of $2.61.

The firm has a 50-day moving average price of $4.42 and a 200 day moving average price of $8.25. The firm’s market capitalization is $51.24 million.

Orexigen Therapeutics (NASDAQ:OREX) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. The firm had revenue of $5 million for the quarter, compared to the consensus estimate of $7.78 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The firm’s revenue was up 16.3% compared to the same quarter last year. Equities research analysts expect that Orexigen Therapeutics Inc. will post ($5.61) EPS for the current fiscal year.

A hedge fund recently raised its stake in Orexigen Therapeutics stock. Oxford Asset Management boosted its position in shares of Orexigen Therapeutics Inc. (NASDAQ:OREX) by 24.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 654,750 shares of the biopharmaceutical company’s stock after buying an additional 127,635 shares during the period. Oxford Asset Management owned approximately 0.45% of Orexigen Therapeutics worth $1,138,000 at the end of the most recent quarter.

Orexigen Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the treatment of obesity. The Company’s product, Contrave, is approved in the United States by the United States Food and Drug Administration 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 30 kilograms per square meter or greater (obese) or 27 kilograms per square meter or greater (overweight) in the presence of a weight-related comorbid condition.

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