Arena Pharmaceuticals (NASDAQ:ARNA) announced its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.04, Briefing.com reports. The business 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 25.90% and a negative net margin of 377.94%. The business’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.93) EPS.
ARNA stock traded down $1.48 during trading on Thursday, hitting $37.19. 539,400 shares of the company’s stock were exchanged, compared to its average volume of 822,994. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -14.14 and a beta of 1.89. Arena Pharmaceuticals has a 52-week low of $24.84 and a 52-week high of $50.05. The company has a quick ratio of 28.76, a current ratio of 28.76 and a debt-to-equity ratio of 0.10.
Several equities analysts have recently issued reports on ARNA shares. BidaskClub cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Credit Suisse Group decreased their price objective 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. ValuEngine cut Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 30th. Finally, Cantor Fitzgerald set a $65.00 price objective on Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, September 24th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $62.88.
A number of hedge funds have recently bought and sold shares of the stock. Swiss National Bank lifted its stake in Arena Pharmaceuticals by 2.6% during the third quarter. Swiss National Bank now owns 85,830 shares of the biopharmaceutical company’s stock worth $3,950,000 after purchasing an additional 2,200 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its stake in Arena Pharmaceuticals by 94.9% during the third quarter. Candriam Luxembourg S.C.A. now owns 191,970 shares of the biopharmaceutical company’s stock worth $8,834,000 after purchasing an additional 93,470 shares during the last quarter. American Century Companies Inc. lifted its stake in Arena Pharmaceuticals by 23.0% during the third quarter. American Century Companies Inc. now owns 132,168 shares of the biopharmaceutical company’s stock worth $6,082,000 after purchasing an additional 24,741 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Arena Pharmaceuticals by 10.6% during the third quarter. Wells Fargo & Company MN now owns 132,987 shares of the biopharmaceutical company’s stock worth $6,119,000 after purchasing an additional 12,702 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Arena Pharmaceuticals during the third quarter worth approximately $345,000. Hedge funds and other institutional investors own 82.21% of the company’s stock.
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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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