Analysts expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to announce $930,000.00 in sales for the current quarter, Zacks reports. Two analysts have made estimates for Arena Pharmaceuticals’ earnings, with the highest sales estimate coming in at $1.00 million and the lowest estimate coming in at $860,000.00. Arena Pharmaceuticals posted sales of $6.49 million during the same quarter last year, which would indicate a negative year over year growth rate of 85.7%. The business is expected to report its next quarterly earnings results on Monday, August 6th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $7.04 million for the current fiscal year, with estimates ranging from $4.33 million to $12.00 million. For the next year, analysts forecast that the company will post sales of $7.42 million per share, with estimates ranging from $4.00 million to $14.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Tuesday, May 8th. The biopharmaceutical company reported ($0.80) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.68) by ($0.12). The company had revenue of $1.76 million for the quarter, compared to analysts’ expectations of $4.02 million. Arena Pharmaceuticals had a negative net margin of 321.04% and a negative return on equity of 34.08%. Arena Pharmaceuticals’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.90) earnings per share.
ARNA has been the topic of several analyst reports. Citigroup reiterated a “buy” rating and set a $62.00 target price on shares of Arena Pharmaceuticals in a research report on Wednesday, March 21st. Needham & Company LLC upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the company from $30.89 to $60.00 in a research report on Tuesday, March 20th. JMP Securities lifted their target price on Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. ValuEngine downgraded Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, April 17th. Finally, Wells Fargo & Co lowered their target price on Arena Pharmaceuticals from $53.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 20th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.44.
NASDAQ ARNA traded down $0.16 on Tuesday, hitting $49.47. 1,062,570 shares of the company traded hands, compared to its average volume of 582,079. The company has a market capitalization of $2.44 billion, a PE ratio of -18.81 and a beta of 1.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.28 and a current ratio of 15.28. Arena Pharmaceuticals has a 52-week low of $12.30 and a 52-week high of $49.85.
In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 30,001 shares of the firm’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $34.57, for a total transaction of $1,037,134.57. Following the sale, the executive vice president now directly owns 34,691 shares of the company’s stock, valued at $1,199,267.87. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.92% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Arena Pharmaceuticals by 33.9% during the first quarter. BlackRock Inc. now owns 4,161,464 shares of the biopharmaceutical company’s stock valued at $164,377,000 after acquiring an additional 1,053,539 shares during the period. Northern Trust Corp raised its holdings in Arena Pharmaceuticals by 16.9% during the first quarter. Northern Trust Corp now owns 543,774 shares of the biopharmaceutical company’s stock valued at $21,479,000 after acquiring an additional 78,445 shares during the period. Teachers Advisors LLC raised its holdings in Arena Pharmaceuticals by 7.3% during the fourth quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock valued at $13,742,000 after acquiring an additional 27,348 shares during the period. Rock Springs Capital Management LP raised its holdings in Arena Pharmaceuticals by 74.4% during the first quarter. Rock Springs Capital Management LP now owns 375,000 shares of the biopharmaceutical company’s stock valued at $14,813,000 after acquiring an additional 160,000 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Arena Pharmaceuticals by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 351,181 shares of the biopharmaceutical company’s stock valued at $11,929,000 after acquiring an additional 12,186 shares during the period. 78.28% of the stock is currently owned by institutional investors and hedge funds.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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