Arena Pharmaceuticals, Inc. (ARNA) Expected to Announce Quarterly Sales of $403.51 Million

Wall Street brokerages expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post $403.51 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Arena Pharmaceuticals’ earnings, with estimates ranging from $6.00 million to $801.02 million. Arena Pharmaceuticals reported sales of $1.76 million in the same quarter last year, which indicates a positive year-over-year growth rate of 22,826.7%. The company is scheduled to announce its next earnings report on Tuesday, May 14th.

According to Zacks, analysts expect that Arena Pharmaceuticals will report full-year sales of $279.42 million for the current year, with estimates ranging from $10.00 million to $804.27 million. For the next financial year, analysts forecast that the business will post sales of $12.83 million, with estimates ranging from $4.48 million to $24.00 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Arena Pharmaceuticals.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Tuesday, February 26th. The biopharmaceutical company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $2.11. The firm had revenue of $8.65 million for the quarter, compared to the consensus estimate of $3.33 million. Arena Pharmaceuticals had a negative net margin of 163.60% and a negative return on equity of 24.36%. The company’s quarterly revenue was down 43.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) EPS.

Several analysts have weighed in on ARNA shares. Cantor Fitzgerald reissued a “buy” rating and set a $62.00 target price on shares of Arena Pharmaceuticals in a research report on Tuesday, February 26th. BidaskClub raised shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, February 7th. Zacks Investment Research raised shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, January 8th. Finally, Berenberg Bank started coverage on shares of Arena Pharmaceuticals in a research report on Thursday, December 13th. They set a “buy” rating and a $55.00 target price on the stock. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $59.50.

NASDAQ:ARNA traded up $0.44 during trading hours on Friday, hitting $44.83. 321,200 shares of the company were exchanged, compared to its average volume of 456,684. The company has a market cap of $2.21 billion, a PE ratio of -15.20 and a beta of 1.79. Arena Pharmaceuticals has a 52-week low of $31.97 and a 52-week high of $51.63. The company has a current ratio of 15.40, a quick ratio of 15.40 and a debt-to-equity ratio of 0.08.

In other Arena Pharmaceuticals news, Director Tina Susan Nova sold 1,200 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $45.99, for a total transaction of $55,188.00. Following the sale, the director now owns 12,676 shares of the company’s stock, valued at approximately $582,969.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Preston Klassen sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The stock was sold at an average price of $41.69, for a total transaction of $667,040.00. Following the sale, the chief marketing officer now directly owns 16,000 shares in the company, valued at approximately $667,040. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,700 shares of company stock worth $791,378. 1.92% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Quantamental Technologies LLC purchased a new stake in shares of Arena Pharmaceuticals in the 4th quarter valued at $25,000. Bank of Montreal Can boosted its holdings in shares of Arena Pharmaceuticals by 105.0% in the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 360 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Arena Pharmaceuticals in the 4th quarter valued at $31,000. First Quadrant L P CA purchased a new stake in shares of Arena Pharmaceuticals in the 4th quarter valued at $83,000. Finally, NumerixS Investment Technologies Inc boosted its holdings in shares of Arena Pharmaceuticals by 43.1% in the 4th quarter. NumerixS Investment Technologies Inc now owns 2,325 shares of the biopharmaceutical company’s stock valued at $90,000 after acquiring an additional 700 shares during the last quarter. 80.96% of the stock is currently 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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