Arena Pharmaceuticals, Inc. (ARNA) Expected to Post Quarterly Sales of $930,000.00

Equities research analysts expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post $930,000.00 in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings. The highest sales estimate is $1.00 million and the lowest is $860,000.00. Arena Pharmaceuticals posted sales of $15.36 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 93.9%. The company is expected to report its next quarterly earnings results on Wednesday, March 13th.

According to Zacks, analysts expect that Arena Pharmaceuticals will report full-year sales of $9.39 million for the current financial year, with estimates ranging from $7.46 million to $13.00 million. For the next financial year, analysts anticipate that the company will post sales of $7.42 million, with estimates ranging from $4.00 million to $14.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Arena Pharmaceuticals.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.04. Arena Pharmaceuticals had a negative return on equity of 24.73% and a negative net margin of 452.86%. The company had revenue of $3.57 million for the quarter, compared to analysts’ expectations of $2.29 million. During the same period last year, the business earned ($0.93) EPS. Arena Pharmaceuticals’s quarterly revenue was up 47.5% compared to the same quarter last year.

A number of equities analysts recently issued reports on the company. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, November 3rd. Cantor Fitzgerald reiterated a “buy” rating and issued a $65.00 target price on shares of Arena Pharmaceuticals in a report on Wednesday. ValuEngine cut Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 30th. Finally, Credit Suisse Group lowered their price target on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, August 7th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $62.88.

Shares of ARNA traded down $0.92 during trading hours on Friday, reaching $36.27. The stock had a trading volume of 391,654 shares, compared to its average volume of 467,508. Arena Pharmaceuticals has a 12 month low of $24.84 and a 12 month 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. The stock has a market cap of $1.91 billion, a P/E ratio of -13.79 and a beta of 1.89.

In related news, EVP Steven W. Spector sold 29,005 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $36.01, for a total value of $1,044,470.05. Following the completion of the sale, the executive vice president now directly owns 48,695 shares of the company’s stock, valued at approximately $1,753,506.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.92% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Arena Pharmaceuticals by 1.3% in the 3rd quarter. BlackRock Inc. now owns 4,756,012 shares of the biopharmaceutical company’s stock valued at $218,871,000 after buying an additional 63,040 shares during the last quarter. Janus Henderson Group PLC raised its position in Arena Pharmaceuticals by 25.6% in the 3rd quarter. Janus Henderson Group PLC now owns 7,922 shares of the biopharmaceutical company’s stock valued at $365,000 after buying an additional 1,615 shares during the last quarter. Swiss National Bank raised its position in Arena Pharmaceuticals by 2.6% in the 3rd quarter. Swiss National Bank now owns 85,830 shares of the biopharmaceutical company’s stock valued at $3,950,000 after buying an additional 2,200 shares during the last quarter. Candriam Luxembourg S.C.A. raised its position in Arena Pharmaceuticals by 94.9% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 191,970 shares of the biopharmaceutical company’s stock valued at $8,834,000 after buying an additional 93,470 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Arena Pharmaceuticals by 23.0% in the 3rd quarter. American Century Companies Inc. now owns 132,168 shares of the biopharmaceutical company’s stock valued at $6,082,000 after buying an additional 24,741 shares during the last quarter. 82.21% of the stock is owned by institutional investors and hedge funds.

About Arena Pharmaceuticals

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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