Wall Street analysts predict that Arena Pharmaceuticals (NASDAQ:ARNA) will report ($0.62) earnings per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Arena Pharmaceuticals’ earnings, with the highest EPS estimate coming in at ($0.49) and the lowest estimate coming in at ($0.71). Arena Pharmaceuticals reported earnings per share of ($0.77) in the same quarter last year, which suggests a positive year-over-year growth rate of 19.5%. The company is expected to announce its next quarterly earnings report on Monday, August 6th.
Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Tuesday, May 8th. The biopharmaceutical company reported ($0.80) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.68) by ($0.12). The company had revenue of $1.76 million for the quarter, compared to the consensus estimate of $4.02 million. Arena Pharmaceuticals had a negative net margin of 321.04% and a negative return on equity of 34.08%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.90) earnings per share.
A number of research firms have recently weighed in on ARNA. BidaskClub lowered Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, March 13th. Needham & Company LLC upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their price target for the stock from $30.89 to $60.00 in a report on Tuesday, March 20th. JMP Securities lifted their price target on Arena Pharmaceuticals from $63.00 to $79.00 and gave the stock an “outperform” rating in a report on Tuesday, March 20th. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, March 22nd. Finally, Citigroup reiterated a “buy” rating and set a $62.00 price target on shares of Arena Pharmaceuticals in a report on Wednesday, March 21st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.13.
Shares of NASDAQ ARNA traded up $0.20 during midday trading on Wednesday, reaching $46.40. 452,786 shares of the company traded hands, compared to its average volume of 1,142,317. The stock has a market cap of $2.28 billion, a PE ratio of -17.64 and a beta of 1.49. Arena Pharmaceuticals has a 12 month low of $12.20 and a 12 month high of $47.64. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.28 and a current ratio of 15.28.
In related news, EVP Steven W. Spector sold 30,001 shares of Arena Pharmaceuticals stock in a transaction on 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 in the company, valued at $1,199,267.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.88% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP lifted its holdings in Arena Pharmaceuticals by 191.5% during the first quarter. Quantbot Technologies LP now owns 3,918 shares of the biopharmaceutical company’s stock worth $154,000 after acquiring an additional 2,574 shares during the period. Amalgamated Bank bought a new stake in shares of Arena Pharmaceuticals in the first quarter valued at $225,000. Commonwealth Equity Services LLC bought a new stake in shares of Arena Pharmaceuticals in the first quarter valued at $225,000. Xact Kapitalforvaltning AB bought a new stake in shares of Arena Pharmaceuticals in the first quarter valued at $250,000. Finally, Delpha Capital Management LLC bought a new stake in shares of Arena Pharmaceuticals in the first quarter valued at $264,000. Institutional investors and hedge funds own 77.52% of the company’s stock.
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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