Zacks: Brokerages Expect Arena Pharmaceuticals, Inc. (ARNA) Will Post Quarterly Sales of $4.39 Million
Brokerages forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will report $4.39 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $4.00 million and the highest estimate coming in at $4.78 million. Arena Pharmaceuticals posted sales of $19.24 million in the same quarter last year, which indicates a negative year over year growth rate of 77.2%. The company is expected to announce its next quarterly earnings results on Monday, November 6th.
On average, analysts expect that Arena Pharmaceuticals will report full-year sales of $4.39 million for the current fiscal year, with estimates ranging from $21.10 million to $30.00 million. For the next fiscal year, analysts anticipate that the firm 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 analysts that cover Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.74) by $0.03. The business had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. The firm’s revenue was down 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.10) EPS.
A number of equities analysts have commented on the stock. Wells Fargo & Company restated a “market perform” rating and set a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, July 12th. Citigroup Inc. upped their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research report on Tuesday, July 11th. BidaskClub downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Cantor Fitzgerald restated an “overweight” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research report on Monday, July 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $36.00.
Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Arena Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock worth $1,725,000 after buying an additional 10,446 shares during the period. Norges Bank bought a new position in Arena Pharmaceuticals during the fourth quarter worth $1,785,000. State Street Corp boosted 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 worth $8,847,000 after buying an additional 350,997 shares during the period. Renaissance Technologies LLC boosted 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 worth $12,380,000 after buying an additional 957,190 shares during the period. Finally, Tudor Investment Corp ET AL boosted its position in 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 worth $206,000 after buying an additional 68,966 shares during the period.
Shares of Arena Pharmaceuticals (ARNA) opened at 21.03 on Monday. The company’s 50-day moving average is $21.42 and its 200 day moving average is $15.97. The firm’s market cap is $824.80 million. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $27.86.
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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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