Wall Street analysts expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post $930,000.00 in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with the highest sales estimate coming in at $1.00 million and the lowest estimate coming in at $860,000.00. Arena Pharmaceuticals posted sales of $7.95 million in the same quarter last year, which suggests a negative year-over-year growth rate of 88.3%. The firm is expected to announce its next earnings report on Tuesday, November 6th.
On average, 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 financial year, analysts expect that the company will report sales of $7.42 million, with estimates ranging from $4.00 million to $14.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, August 6th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.01). The business had revenue of $4.00 million for the quarter, compared to the consensus estimate of $3.91 million. Arena Pharmaceuticals had a negative return on equity of 25.90% and a negative net margin of 377.94%. Arena Pharmaceuticals’s revenue was up 110.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.77) earnings per share.
A number of research firms have recently commented on ARNA. BidaskClub raised shares of Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 19th. ValuEngine raised 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. Finally, Credit Suisse Group reduced their price objective on shares of Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $62.88.
Shares of NASDAQ:ARNA traded up $0.27 during midday trading on Wednesday, reaching $39.88. 306,519 shares of the company’s stock were exchanged, compared to its average volume of 855,872. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -15.16 and a beta of 1.55. Arena Pharmaceuticals has a 12 month low of $24.33 and a 12 month high of $50.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 28.76 and a current ratio of 28.76.
In related news, EVP Steven W. Spector sold 29,005 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now owns 48,695 shares in the company, valued at approximately $1,753,506.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.92% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Northern Trust Corp increased its position in 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 acquiring an additional 48,671 shares in the last quarter. Bank of New York Mellon Corp increased its position in Arena Pharmaceuticals by 7.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 243,007 shares of the biopharmaceutical company’s stock valued at $10,594,000 after acquiring an additional 17,541 shares in the last quarter. Advisors Asset Management Inc. increased its position in Arena Pharmaceuticals by 414.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 14,583 shares of the biopharmaceutical company’s stock valued at $636,000 after acquiring an additional 11,747 shares in the last quarter. California Public Employees Retirement System increased its position in Arena Pharmaceuticals by 23.1% in the 2nd quarter. California Public Employees Retirement System now owns 71,346 shares of the biopharmaceutical company’s stock valued at $3,111,000 after acquiring an additional 13,374 shares in the last quarter. Finally, Partner Fund Management L.P. acquired a new stake in Arena Pharmaceuticals in the 2nd quarter valued at about $52,184,000. Institutional investors and hedge funds own 81.92% of the company’s stock.
Arena Pharmaceuticals Company Profile
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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