Analysts expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to announce $1.01 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with the highest sales estimate coming in at $1.01 million and the lowest estimate coming in at $1.00 million. Arena Pharmaceuticals reported sales of $6.62 million in the same quarter last year, which indicates a negative year-over-year growth rate of 84.7%. The company is scheduled to report its next earnings report on Tuesday, May 8th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $1.01 million for the current fiscal year, with estimates ranging from $4.00 million to $26.00 million. For the next financial year, analysts anticipate that the firm will report sales of $11.73 million per share, with estimates ranging from $4.00 million to $26.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.30. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The company had revenue of $15.40 million for the quarter, compared to analysts’ expectations of $5.75 million. During the same period in the previous year, the firm earned $1.60 EPS. The firm’s revenue was down 77.8% compared to the same quarter last year.
A number of research firms recently commented on ARNA. BidaskClub cut Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 27th. Citigroup reissued a “buy” rating and issued a $62.00 price target on shares of Arena Pharmaceuticals in a report on Wednesday, March 21st. Wells Fargo raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 3rd. Zacks Investment Research raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, March 9th. Finally, Needham & Company LLC raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $30.89 to $60.00 in a report on Tuesday, March 20th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $52.25.
NASDAQ ARNA traded down $1.84 during trading hours on Wednesday, reaching $33.88. The company’s stock had a trading volume of 1,540,653 shares, compared to its average volume of 2,692,230. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 0.28. Arena Pharmaceuticals has a 1 year low of $11.30 and a 1 year high of $45.85. The stock has a market cap of $1,706.73, a PE ratio of -12.88 and a beta of 1.49.
Several institutional investors and hedge funds have recently modified their holdings of ARNA. Great West Life Assurance Co. Can raised its holdings in shares of Arena Pharmaceuticals by 128.2% during 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 in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth approximately $174,000. B. Riley Financial Inc. purchased a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth approximately $204,000. Legal & General Group Plc raised its holdings in shares of Arena Pharmaceuticals by 46.8% during 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 in the last quarter. Finally, Virtus Fund Advisers LLC purchased a new stake in shares of Arena Pharmaceuticals during the 4th quarter worth approximately $393,000. 73.05% of the stock is currently owned by institutional investors and hedge funds.
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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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