Arena Pharmaceuticals (NASDAQ:ARNA) Announces Quarterly Earnings Results

Arena Pharmaceuticals (NASDAQ:ARNA) issued its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.02) by ($0.22), Briefing.com reports. The business had revenue of $1.02 million during the quarter, compared to analyst estimates of $2.91 million. Arena Pharmaceuticals had a net margin of 72.84% and a return on equity of 60.83%. The company’s revenue was down 74.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.65) earnings per share.

Shares of NASDAQ ARNA traded down $2.08 during trading on Friday, hitting $54.10. 1,186,063 shares of the company traded hands, compared to its average volume of 383,670. Arena Pharmaceuticals has a 1 year low of $31.97 and a 1 year high of $64.48. The stock has a 50-day moving average of $60.54. The company has a market cap of $3.02 billion, a price-to-earnings ratio of -18.34 and a beta of 1.42. The company has a debt-to-equity ratio of 0.04, a current ratio of 35.51 and a quick ratio of 35.51.

In other news, Director Jayson Donald Alexander Dallas sold 1,525 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $55.90, for a total transaction of $85,247.50. Following the completion of the sale, the director now directly owns 5,704 shares of the company’s stock, valued at approximately $318,853.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.73% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in Arena Pharmaceuticals by 17.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 335,245 shares of the biopharmaceutical company’s stock valued at $19,656,000 after buying an additional 50,778 shares during the last quarter. Trexquant Investment LP purchased a new position in Arena Pharmaceuticals in the 2nd quarter valued at about $1,153,000. Bank of Montreal Can purchased a new position in Arena Pharmaceuticals in the 2nd quarter valued at about $245,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at about $207,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at about $3,159,000. 83.06% of the stock is owned by institutional investors.

Several brokerages have weighed in on ARNA. Cantor Fitzgerald reiterated a “buy” rating on shares of Arena Pharmaceuticals in a report on Wednesday, May 8th. BidaskClub upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. TheStreet downgraded Arena Pharmaceuticals from a “b” rating to a “c+” rating in a report on Wednesday. Zacks Investment Research cut shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, ValuEngine cut shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $62.17.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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Earnings History for Arena Pharmaceuticals (NASDAQ:ARNA)

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