Arena Pharmaceuticals, Inc. (ARNA) Expected to Post Quarterly Sales of $3.43 Million

Analysts forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will announce $3.43 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $860,000.00 and the highest estimate coming in at $6.00 million. Arena Pharmaceuticals posted sales of $15.36 million in the same quarter last year, which would indicate a negative year over year growth rate of 77.7%. The firm is expected to issue its next earnings results on Wednesday, March 13th.

On average, analysts expect that Arena Pharmaceuticals will report full-year sales of $12.49 million for the current financial year, with estimates ranging from $10.18 million to $15.30 million. For the next financial year, analysts anticipate that the business will post sales of $12.76 million, with estimates ranging from $4.27 million to $24.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Arena Pharmaceuticals.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.04. The company had revenue of $3.57 million during the quarter, compared to analysts’ expectations of $2.29 million. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. The business’s quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.93) earnings per share.

Several equities research analysts recently commented on the company. Credit Suisse Group decreased their target price on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, August 7th. BidaskClub cut Arena Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 8th. Cantor Fitzgerald set a $65.00 target price on Arena Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, September 24th. ValuEngine raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. Finally, Needham & Company LLC set a $60.00 target price on Arena Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $64.13.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARNA. Meeder Asset Management Inc. grew its stake in Arena Pharmaceuticals by 248.1% during the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock worth $117,000 after purchasing an additional 1,913 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Arena Pharmaceuticals during the third quarter worth approximately $150,000. Smith Asset Management Group LP acquired a new stake in Arena Pharmaceuticals during the second quarter worth approximately $248,000. Pacer Advisors Inc. acquired a new stake in Arena Pharmaceuticals during the third quarter worth approximately $252,000. Finally, Janus Henderson Group PLC acquired a new stake in Arena Pharmaceuticals during the second quarter worth approximately $275,000. 80.35% of the stock is owned by institutional investors and hedge funds.

Shares of ARNA stock traded down $2.52 on Tuesday, hitting $39.94. The company had a trading volume of 602,700 shares, compared to its average volume of 827,940. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -15.19 and a beta of 1.73. The company has a current ratio of 26.08, a quick ratio of 26.08 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals has a twelve month low of $29.52 and a twelve month high of $50.05.

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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