Brokerages expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to announce $4.39 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Arena Pharmaceuticals’ earnings, with estimates ranging from $4.00 million to $4.78 million. Arena Pharmaceuticals reported sales of $19.24 million during the same quarter last year, which indicates a negative year over year growth rate of 77.2%. The firm is expected to issue its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $4.39 million for the current financial year, with estimates ranging from $21.10 million to $30.00 million. For the next financial year, analysts forecast that the business will report sales of $23.74 million per share, with estimates ranging from $16.90 million to $28.33 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.03). The business had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.58 million. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company’s revenue for the quarter was down 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.10) earnings per share.
Several brokerages have issued reports on ARNA. Cantor Fitzgerald reissued a “buy” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research report on Monday. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th. BidaskClub cut shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Wells Fargo & Company restated a “market perform” rating and issued a $19.00 target price (up previously from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Finally, Citigroup Inc. raised their target price on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $36.00.
Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in shares of Arena Pharmaceuticals by 102.0% in the 1st quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock worth $141,000 after acquiring an additional 48,667 shares during the period. Strs Ohio acquired a new stake in shares of Arena Pharmaceuticals in the second quarter valued at about $156,000. Airain ltd acquired a new stake in shares of Arena Pharmaceuticals in the second quarter valued at about $178,000. Tudor Investment Corp ET AL lifted its stake in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock valued at $206,000 after purchasing an additional 68,966 shares during the period. Finally, American International Group Inc. lifted its stake in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 9,959 shares during the period. Institutional investors own 46.21% of the company’s stock.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 2.59% on Wednesday, hitting $25.74. 663,565 shares of the company’s stock were exchanged. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $27.86. The stock’s market cap is $1.01 billion. The company’s 50-day moving average price is $22.59 and its 200 day moving average price is $17.41.
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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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