Wall Street analysts expect that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will report $930,000.00 in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with estimates ranging from $860,000.00 to $1.00 million. Arena Pharmaceuticals posted sales of $6.49 million in the same quarter last year, which would indicate a negative year over year growth rate of 85.7%. The company is scheduled to announce its next earnings report on Monday, August 6th.
On average, analysts expect that Arena Pharmaceuticals will report full-year sales of $7.04 million for the current year, with estimates ranging from $4.33 million to $12.00 million. For the next year, analysts forecast that the business will post sales of $7.42 million per share, with estimates ranging from $4.00 million to $14.00 million. Zacks’ sales calculations are an average based on a survey of analysts that cover Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data 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 return on equity of 34.08% and a negative net margin of 321.04%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.90) earnings per share.
A number of brokerages have issued reports on ARNA. BidaskClub upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. ValuEngine upgraded shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 1st. Royal Bank of Canada began coverage on shares of Arena Pharmaceuticals in a research note on Thursday, May 31st. They set an “outperform” rating and a $65.00 price target on the stock. Zacks Investment Research upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, March 9th. Finally, Citigroup restated a “buy” rating and set a $62.00 price target on shares of Arena Pharmaceuticals in a research note on Wednesday, March 21st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $54.44.
In other news, EVP Steven W. Spector sold 30,001 shares of the stock in a transaction on Monday, April 16th. The shares were sold at an average price of $34.57, for a total value of $1,037,134.57. Following the sale, the executive vice president now owns 34,691 shares in the company, valued at $1,199,267.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.92% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in shares of Arena Pharmaceuticals by 5.4% in the first quarter. Principal Financial Group Inc. now owns 30,235 shares of the biopharmaceutical company’s stock worth $1,194,000 after acquiring an additional 1,543 shares during the period. California Public Employees Retirement System increased its stake in shares of Arena Pharmaceuticals by 3.4% in the fourth quarter. California Public Employees Retirement System now owns 51,400 shares of the biopharmaceutical company’s stock worth $1,746,000 after acquiring an additional 1,700 shares during the period. Rhumbline Advisers increased its stake in shares of Arena Pharmaceuticals by 5.0% in the first quarter. Rhumbline Advisers now owns 37,698 shares of the biopharmaceutical company’s stock worth $1,489,000 after acquiring an additional 1,810 shares during the period. Quantbot Technologies LP increased its stake in shares of Arena Pharmaceuticals by 191.5% in 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. Finally, Swiss National Bank increased its stake in shares of Arena Pharmaceuticals by 4.9% in the fourth quarter. Swiss National Bank now owns 66,730 shares of the biopharmaceutical company’s stock worth $2,267,000 after acquiring an additional 3,100 shares during the period. Hedge funds and other institutional investors own 78.23% of the company’s stock.
Shares of Arena Pharmaceuticals opened at $42.31 on Friday, Marketbeat reports. 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 1-year low of $15.97 and a 1-year high of $50.05. The stock has a market cap of $2.05 billion, a PE ratio of -16.09 and a beta of 1.51.
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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