Leerink Swann Analysts Lower Earnings Estimates for Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) – Investment analysts at Leerink Swann decreased their Q1 2018 earnings per share estimates for shares of Arena Pharmaceuticals in a research note issued to investors on Wednesday, March 14th, according to Zacks Investment Research. Leerink Swann analyst J. Schwartz now anticipates that the biopharmaceutical company will post earnings of ($0.78) per share for the quarter, down from their previous estimate of ($0.72). Leerink Swann has a “Positive” rating and a $56.00 price objective on the stock. Leerink Swann also issued estimates for Arena Pharmaceuticals’ Q2 2018 earnings at ($0.79) EPS, Q3 2018 earnings at ($0.82) EPS, Q4 2018 earnings at ($0.85) EPS, FY2018 earnings at ($3.23) EPS, FY2019 earnings at ($3.31) EPS and FY2020 earnings at ($3.55) EPS.

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Several other research analysts also recently issued reports on the company. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, March 26th. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, March 22nd. Citigroup restated a “buy” rating and set a $62.00 price objective on shares of Arena Pharmaceuticals in a research report on Wednesday, March 21st. JMP Securities lifted their price objective on Arena Pharmaceuticals from $63.00 to $79.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 20th. Finally, Wells Fargo cut their price objective on Arena Pharmaceuticals from $53.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, March 20th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $53.13.

Shares of Arena Pharmaceuticals stock traded down $0.87 during trading on Monday, hitting $35.33. 985,887 shares of the company were exchanged, compared to its average volume of 1,261,671. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.89 and a quick ratio of 3.89. Arena Pharmaceuticals has a fifty-two week low of $11.30 and a fifty-two week high of $45.85. The company has a market capitalization of $1,723.45, a P/E ratio of -13.43 and a beta of 1.49.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.30. Arena Pharmaceuticals had a negative net margin of 250.93% and a negative return on equity of 62.82%. The company had revenue of $15.40 million during the quarter, compared to the consensus estimate of $5.75 million. During the same period last year, the firm earned $1.60 EPS. The company’s revenue for the quarter was down 77.8% on a year-over-year basis.

Hedge funds have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can grew its stake in Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after acquiring an additional 2,466 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $174,000. B. Riley Financial Inc. purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $204,000. State Board of Administration of Florida Retirement System purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $252,000. Finally, Legal & General Group Plc grew its stake in Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after acquiring an additional 3,302 shares during the period. 60.24% of the stock is owned by hedge funds and other institutional investors.

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About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).

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Earnings History and Estimates for Arena Pharmaceuticals (NASDAQ:ARNA)

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