Equities analysts predict that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will post ($0.76) earnings per share for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Arena Pharmaceuticals’ earnings, with the highest EPS estimate coming in at ($0.64) and the lowest estimate coming in at ($0.87). Arena Pharmaceuticals posted earnings per share of ($0.36) in the same quarter last year, which suggests a negative year over year growth rate of 111.1%. The company is scheduled to issue its next quarterly earnings report on Wednesday, March 13th.
Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.74) by $0.04. The business had revenue of $3.57 million for the quarter, compared to analysts’ expectations of $2.29 million. Arena Pharmaceuticals had a negative net margin of 452.86% and a negative return on equity of 23.66%. The firm’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.93) earnings per share.
A number of research firms recently weighed in on ARNA. BidaskClub raised shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday. Cantor Fitzgerald restated a “buy” rating and issued a $62.00 price target on shares of Arena Pharmaceuticals in a research report on Monday, January 28th. Zacks Investment Research lowered shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. Berenberg Bank initiated coverage on shares of Arena Pharmaceuticals in a research report on Thursday, December 13th. They issued a “buy” rating and a $55.00 price target on the stock. Finally, Credit Suisse Group boosted their price target on shares of Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an “outperform” rating in a research report on Monday, November 19th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $62.00.
In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 1,500 shares of the business’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $46.10, for a total value of $69,150.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Preston Klassen sold 16,000 shares of the business’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $41.69, for a total transaction of $667,040.00. Following the completion of the transaction, the chief marketing officer now owns 16,000 shares in the company, valued at $667,040. The disclosure for this sale can be found here. 1.92% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in ARNA. California Public Employees Retirement System lifted its position in shares of Arena Pharmaceuticals by 23.1% during the second quarter. California Public Employees Retirement System now owns 71,346 shares of the biopharmaceutical company’s stock worth $3,111,000 after purchasing an additional 13,374 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Arena Pharmaceuticals by 510.9% during the second quarter. Advisors Asset Management Inc. now owns 17,325 shares of the biopharmaceutical company’s stock worth $636,000 after purchasing an additional 14,489 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Arena Pharmaceuticals by 7.8% during the second quarter. Bank of New York Mellon Corp now owns 243,007 shares of the biopharmaceutical company’s stock worth $10,594,000 after purchasing an additional 17,541 shares in the last quarter. Northern Trust Corp lifted its position in shares of Arena Pharmaceuticals by 9.0% during the second quarter. Northern Trust Corp now owns 592,445 shares of the biopharmaceutical company’s stock worth $25,831,000 after purchasing an additional 48,671 shares in the last quarter. Finally, Palo Capital Inc. acquired a new position in shares of Arena Pharmaceuticals during the third quarter worth approximately $460,000. Institutional investors own 80.31% of the company’s stock.
NASDAQ ARNA traded up $0.86 on Friday, reaching $47.63. The company’s stock had a trading volume of 298,218 shares, compared to its average volume of 418,169. The stock has a market cap of $2.31 billion, a P/E ratio of -18.11 and a beta of 1.75. Arena Pharmaceuticals has a 52 week low of $30.00 and a 52 week high of $50.05. The company has a quick ratio of 26.08, a current ratio of 26.08 and a debt-to-equity ratio of 0.10.
About Arena Pharmaceuticals
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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