Arena Pharmaceuticals, Inc. (ARNA) Issues Quarterly Earnings Results
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) released its earnings results on Monday. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.74) by $0.03, RTT News reports. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The company had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. During the same period in the previous year, the company posted ($1.10) EPS. The company’s quarterly revenue was down 31.8% compared to the same quarter last year.
Arena Pharmaceuticals (ARNA) traded up 0.43% during midday trading on Monday, hitting $23.36. The stock had a trading volume of 515,937 shares. The company’s 50 day moving average price is $19.63 and its 200-day moving average price is $15.53. The stock’s market capitalization is $741.52 million. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $27.86.
ARNA has been the topic of several analyst reports. Citigroup Inc. increased their target price on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, July 4th. BidaskClub raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. ValuEngine raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Wells Fargo & Company reissued 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $36.00.
In other Arena Pharmaceuticals news, insider Amit Munshi bought 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average price of $1.19 per share, for a total transaction of $29,750.00. Following the transaction, the insider now directly owns 76,875 shares in the company, valued at $91,481.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.88% of the stock is owned by corporate insiders.
Arena Pharmaceuticals Company Profile
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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