Following U.S. Stocks were among the “Top Losers” during Friday’s trade: Midway Gold Corp (USA) (NYSEMKT:MDW), Orexigen Therapeutics, Inc (NASDAQ:OREX), Hecla Mining Company (NYSE:HL), Violin Memory Inc (NYSE:VMEM)
Their insights are depicted underneath:
Midway Gold Corp (USA) (NYSEMKT:MDW) ‘s shares dwindled -11.81%, and closed at $0.560, hitting new 52-week low of $0.55.
According to BUSINESS WIRE, Midway Gold Corp. (MDW), declared that construction of the Pan Gold Mine (“Pan”) in Nevada is about 93% complete and first gold production is predictable by the end of March.
Recent Pan Project Milestones:
- On February 7, after six days of irrigation, initial breakthrough of fresh water that had been cycled through the pad was realized.
- As of the end of February, 3.1 million tons of ore have been placed on the heap leach pad.
- 0 million tons of ore are presently being irrigated with solution flows to the leach pad at about 14% of capacity, as the system ramps up to the design of 5,000 gallons per minute.
Resolution of Formerly Declared Delays:
- The second production well (PW2) that had a mechanical malfunction on January 1, 2015 was abandoned and a replacement well is about 87% complete. Preceding to initiating irrigation of the heap, both operating ponds were filled to capacity by pumping solely from the first production well (PW1) at a rate that was below the more productive PW2. While both ponds are now filled, the Corporation did practiced a delay of several days while the pump motor was replaced on PW1. Having begun irrigation, water is no longer likely to be a source of leaching delays as PW1 has more than adequate capacity to provide make-up water for leach operations as planned. In addition to replacing PW2, Midway will start developing a permitted third well to support construction of a leach pad expansion planned for later this year.
- Temporary local occupancy permits have been received for the ADR plant and are not predictable to contribute to any further delays.
Midway Gold Corp. is a precious metals corporation with a vision to explore, design, build and operate gold mines in a manner accountable to all stakeholders while seeking returns for shareholders.
Orexigen Therapeutics, Inc (NASDAQ:OREX) declined -11.36%, and closed at $7.10.
According to PRNewswire, On February 25, Orexigen Therapeutics, Inc. (OREX), declared business and financial results for the fourth quarter and year ended December 31, 2014.
“2014 was a transformational year for Orexigen, with the US approval and commercial launch of Contrave® and the positive opinion of the CHMP recommending marketing authorization for Mysimba™,” said Michael Narachi, CEO of Orexigen. “While the U.S. launch is still in its early stages, we are encouraged by the progress so far and by the positive reports we are hearing from Takeda’s field based teams about how the product is being received by health care professionals and their patients.”
Contrave (naltrexone HCl / bupropion HCl extended release):
Orexigen’s partner for North America, Takeda Pharmaceuticals, launched Contrave in the United States on October 20, 2014. U.S. net sales for the fourth quarter, recorded by Takeda, were $6.5 million, for which Orexigen earned $1.3 million in royalties. Gross sales for the quarter were $12.3 million.
Contrave is indicated as an adjunct to a reduced-calorie diet and raised physical activity for chronic weight administration in adults with an initial body mass index (BMI) of 30 kg/m2 or greater (obese) or 27 kg/m2 or greater (overweight) in the presence of at least one weight-related comorbid condition (eg, hypertension, type 2 diabetes mellitus, or dyslipidemia).
Financial results for the three months ended December 31, 2014:
For the three months ended December 31, 2014, Orexigen stated a net profit of $0.6 million, or $0.00 per share, as contrast to a net loss of $21.5 million, or $0.21 per share, for the fourth quarter of 2013.
Total operating expenses for the fourth quarter of 2014 were $20.6 million contrast to $21.8 million for the fourth quarter of 2013.
Financial results for the year ended December 31, 2014:
For the year ended December 31, 2014, Orexigen stated a net loss of $37.5 million, or $0.32 per share, as contrast to a net loss of $77.7 million, or $0.80 per share, for 2013. Total operating expenses for 2014 were $86.1 million contrast to $80.6 million for 2013. This overall rise in operating expenses primarily reflects an raise in raw materials, inventory, and manufacturing-related expenses and in stock based compensation expense. The overall raise was partially offset by a decrease in research and development expenses associated with the conduct of the Light Study, the Contrave cardiovascular outcomes trial. While Orexigen is responsible for manufacturing Contrave, Takeda will reimburse Orexigen for manufacturing related costs, counting finished goods.
As of December 31, 2014, Orexigen had $104.2 million in cash and cash equivalents and an additional $101.3 million in marketable securities, for a total of $205.5 million.
Orexigen Therapeutics, Inc. is a biopharmaceutical corporation focused on the treatment of obesity. Orexigen developed Contrave® (naltrexone HCl and bupropion HCl extended release), which is approved in the United States and is being commercialized there by the corporation’s North American partner, Takeda Pharmaceuticals.
Hecla Mining Company (NYSE:HL) dipped -10.27%, and closed at $2.97. With recent incline, the year-to-date (YTD) performance reflected a 6.45% gain above last year. During the past month the stock lose -8.9%, bringing three-month performance to 17.86% and six-month performance to 1.71%.
Hecla Mining Corporation (HL) is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho, and is a growing gold producer with an operating mine in Quebec, Canada. The Corporation also has exploration and pre-development properties in five world-class silver and gold mining districts in the U.S., Canada, and Mexico, and an exploration office and investments in early-stage silver exploration projects in Canada.
Violin Memory Inc (NYSE:VMEM) dropped -10.03 %, and closed at $3.59.
According to BUSINESS WIRE, Violin Memory, Inc. (VMEM), a leading provider of award-winning all-flash storage arrays and appliances delivering application solutions for the enterprise, declared financial results for the fourth fiscal quarter and full fiscal year ended January 31, 2015.
Fourth Quarter Fiscal 2015 Financial Highlights:
- Fourth quarter fiscal 2015 proceed of $20.5 million
- Fourth quarter fiscal 2015 GAAP1 gross margin of (50%)
- Fourth quarter fiscal 2015 non-GAAP2 gross margin of 50%
- Fourth quarter fiscal 2015 GAAP net loss of $0.50 per share
- Fourth quarter fiscal 2015 non-GAAP net loss of $0.19 per share
Fiscal Year 2015 Financial Highlights:
- Fiscal year 2015 proceed of $79.0 million.
- Fiscal year 2015 GAAP1 gross margin of 26%.
- Fiscal year 2015 non-GAAP2 gross margin of 52%.
- Fiscal year 2015 GAAP net loss of $1.20 per share.
- Fiscal year 2015 non-GAAP net loss of $0.84 per share.
Violin Memory transforms the speed of business with high performance, always accessible, low cost administration of critical business information and applications. Violin’s All Flash optimized solutions accelerate breakthrough CAPEX and OPEX savings for building the next generation data center.
