Zacks: Analysts Anticipate Arena Pharmaceuticals, Inc. (ARNA) Will Announce Quarterly Sales of $4.43 Million

Wall Street brokerages forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will report $4.43 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings. The highest sales estimate is $4.86 million and the lowest is $4.00 million. Arena Pharmaceuticals reported sales of $85.37 million in the same quarter last year, which would suggest a negative year over year growth rate of 94.8%. The firm is scheduled to issue its next earnings report on Tuesday, March 13th.

On average, analysts expect that Arena Pharmaceuticals will report full year sales of $4.43 million for the current fiscal year, with estimates ranging from $25.10 million to $30.00 million. For the next financial year, analysts anticipate that the firm will post sales of $24.11 million per share, with estimates ranging from $18.00 million to $28.33 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Arena Pharmaceuticals.

ARNA has been the topic of several recent research reports. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 27th. Cantor Fitzgerald restated a “buy” rating and set a $45.00 price target on shares of Arena Pharmaceuticals in a report on Wednesday, January 17th. Credit Suisse Group initiated coverage on Arena Pharmaceuticals in a report on Wednesday, January 17th. They set an “outperform” rating and a $44.00 price target on the stock. Zacks Investment Research lowered Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Finally, ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $38.38.

A number of hedge funds have recently added to or reduced their stakes in ARNA. Pictet Asset Management Ltd. purchased a new stake in Arena Pharmaceuticals in the third quarter worth $13,656,000. Point72 Asset Management L.P. purchased a new stake in Arena Pharmaceuticals in the third quarter worth $9,973,000. Macquarie Group Ltd. purchased a new stake in Arena Pharmaceuticals in the third quarter worth $5,100,000. EAM Investors LLC purchased a new stake in Arena Pharmaceuticals in the third quarter worth $2,408,000. Finally, ClariVest Asset Management LLC purchased a new stake in Arena Pharmaceuticals in the third quarter worth $2,156,000. Institutional investors and hedge funds own 72.39% of the company’s stock.

Shares of Arena Pharmaceuticals (NASDAQ ARNA) opened at $39.71 on Monday. Arena Pharmaceuticals has a twelve month low of $11.30 and a twelve month high of $41.92. The firm has a market capitalization of $1,559.13, a price-to-earnings ratio of -42.70 and a beta of 1.64. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27.

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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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Earnings History and Estimates for Arena Pharmaceuticals (NASDAQ:ARNA)

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