$5.62 Million in Sales Expected for Arena Pharmaceuticals, Inc. (ARNA) This Quarter
Brokerages forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will announce $5.62 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Arena Pharmaceuticals’ earnings. The highest sales estimate is $5.70 million and the lowest is $5.53 million. Arena Pharmaceuticals reported sales of $9.51 million during the same quarter last year, which indicates a negative year over year growth rate of 40.9%. The firm is expected to announce its next earnings report on Monday, August 14th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $5.62 million for the current financial year, with estimates ranging from $23.43 million to $32.00 million. For the next financial year, analysts forecast that the business will post sales of $26.31 million per share, with estimates ranging from $22.10 million to $30.83 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by $0.08. Arena Pharmaceuticals had a negative return on equity of 108.77% and a negative net margin of 19.07%. The business had revenue of $6.60 million during the quarter, compared to analyst estimates of $4.84 million. During the same period in the previous year, the business posted ($0.90) earnings per share. The firm’s quarterly revenue was down 33.0% on a year-over-year basis.
Several research firms have recently issued reports on ARNA. BidaskClub downgraded Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $37.00 price target on shares of Arena Pharmaceuticals in a report on Monday, July 17th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $19.00 price target (up previously from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Citigroup Inc. upped their price target on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, July 11th. Finally, Leerink Swann upped their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $36.00.
Shares of Arena Pharmaceuticals (ARNA) traded down 2.26% during midday trading on Thursday, hitting $23.82. The company had a trading volume of 487,600 shares. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $27.86. The firm’s market cap is $756.12 million. The company’s 50 day moving average is $18.49 and its 200 day moving average is $15.25.
In other Arena Pharmaceuticals news, insider Amit Munshi purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $1.19 per share, with a total value of $29,750.00. Following the acquisition, the insider now directly owns 76,875 shares of the company’s stock, valued at approximately $91,481.25. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.88% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in ARNA. Wellington Management Group LLP raised its position in shares of Arena Pharmaceuticals by 2.4% in the first quarter. Wellington Management Group LLP now owns 23,583,115 shares of the biopharmaceutical company’s stock worth $34,432,000 after buying an additional 547,663 shares during the last quarter. Vanguard Group Inc. raised its position in Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock valued at $29,063,000 after buying an additional 910,434 shares in the last quarter. Renaissance Technologies LLC raised its position in Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock valued at $12,380,000 after buying an additional 957,190 shares in the last quarter. State Street Corp raised its position in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock valued at $8,847,000 after buying an additional 350,997 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock valued at $2,739,000 after buying an additional 119,336 shares in the last quarter.
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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