Equities analysts expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post $930,000.00 in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Arena Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $860,000.00 and the highest estimate coming in at $1.00 million. Arena Pharmaceuticals posted sales of $7.95 million during the same quarter last year, which would indicate a negative year over year growth rate of 88.3%. The company is expected to announce its next quarterly earnings results after the market closes on Wednesday, November 7th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full-year sales of $9.39 million for the current year, with estimates ranging from $7.46 million to $13.00 million. For the next fiscal year, analysts anticipate that the firm will post sales of $7.42 million, with estimates ranging from $4.00 million to $14.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Monday, August 6th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.01). Arena Pharmaceuticals had a negative return on equity of 25.90% and a negative net margin of 377.94%. The company had revenue of $4.00 million during the quarter, compared to analyst estimates of $3.91 million. During the same quarter in the prior year, the company posted ($0.77) earnings per share. The business’s revenue was up 110.5% compared to the same quarter last year.
Several equities analysts have recently commented on the stock. ValuEngine upgraded shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Cantor Fitzgerald set a $65.00 price objective on shares of Arena Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, September 24th. BidaskClub upgraded shares of Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 19th. Finally, Credit Suisse Group decreased their price objective on shares of Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, August 7th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $62.88.
In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 29,005 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $36.01, for a total transaction of $1,044,470.05. Following the sale, the executive vice president now directly owns 48,695 shares in the company, valued at approximately $1,753,506.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.92% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Arena Pharmaceuticals by 12.8% in the 2nd quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock valued at $204,613,000 after purchasing an additional 531,508 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Arena Pharmaceuticals by 305.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock valued at $59,619,000 after purchasing an additional 1,030,000 shares during the last quarter. Partner Fund Management L.P. purchased a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at approximately $52,184,000. Voya Investment Management LLC increased its position in shares of Arena Pharmaceuticals by 41.1% in the 2nd quarter. Voya Investment Management LLC now owns 641,957 shares of the biopharmaceutical company’s stock valued at $27,990,000 after purchasing an additional 187,030 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Arena Pharmaceuticals by 9.0% in the 2nd quarter. Northern Trust Corp now owns 592,445 shares of the biopharmaceutical company’s stock valued at $25,831,000 after purchasing an additional 48,671 shares during the last quarter. Institutional investors own 82.21% of the company’s stock.
Shares of ARNA stock opened at $37.62 on Friday. The company has a current ratio of 28.76, a quick ratio of 28.76 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals has a one year low of $24.33 and a one year high of $50.05. The company has a market capitalization of $1.89 billion, a PE ratio of -14.30 and a beta of 1.89.
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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