Zacks: Analysts Expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Will Post Quarterly Sales of $1.03 Million

Wall Street brokerages expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post sales of $1.03 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Arena Pharmaceuticals’ earnings. The lowest sales estimate is $1.00 million and the highest is $1.05 million. Arena Pharmaceuticals posted sales of $3.99 million during the same quarter last year, which indicates a negative year-over-year growth rate of 74.2%. The firm is expected to issue its next earnings results on Monday, August 5th.

According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $805.80 million for the current financial year, with estimates ranging from $804.10 million to $809.00 million. For the next year, analysts expect that the business will report sales of $6.16 million, with estimates ranging from $4.00 million to $10.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Arena Pharmaceuticals.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $12.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $12.91. The firm had revenue of $801.06 million for the quarter, compared to analyst estimates of $801.82 million. Arena Pharmaceuticals had a net margin of 76.19% and a return on equity of 69.72%. Arena Pharmaceuticals’s quarterly revenue was up 45414.8% compared to the same quarter last year. During the same period last year, the company posted ($0.80) EPS.

A number of research analysts recently weighed in on ARNA shares. BidaskClub lowered shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. TheStreet upgraded shares of Arena Pharmaceuticals from a “d” rating to a “c” rating in a report on Monday, April 1st. Cantor Fitzgerald reiterated a “buy” rating on shares of Arena Pharmaceuticals in a report on Wednesday, May 8th. Credit Suisse Group increased their price objective on shares of Arena Pharmaceuticals from $63.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Finally, Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Arena Pharmaceuticals has an average rating of “Buy” and an average price target of $62.17.

Arena Pharmaceuticals stock traded up $0.22 during midday trading on Friday, reaching $56.23. The company had a trading volume of 320,953 shares, compared to its average volume of 502,497. The company has a market capitalization of $2.80 billion, a P/E ratio of -19.06 and a beta of 1.46. Arena Pharmaceuticals has a 12-month low of $31.97 and a 12-month high of $59.13. The business has a fifty day moving average of $54.70. The company has a quick ratio of 35.51, a current ratio of 35.51 and a debt-to-equity ratio of 0.04.

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

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of Arena Pharmaceuticals by 47.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 530,482 shares of the biopharmaceutical company’s stock worth $20,663,000 after acquiring an additional 170,954 shares in the last quarter. Bailard Inc. raised its stake in shares of Arena Pharmaceuticals by 36.7% during the 1st quarter. Bailard Inc. now owns 67,000 shares of the biopharmaceutical company’s stock valued at $3,004,000 after purchasing an additional 18,000 shares during the period. SG Americas Securities LLC bought a new position in Arena Pharmaceuticals in the 4th quarter worth about $431,000. Candriam Luxembourg S.C.A. increased its stake in Arena Pharmaceuticals by 44.7% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 277,800 shares of the biopharmaceutical company’s stock worth $10,820,000 after acquiring an additional 85,830 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Arena Pharmaceuticals by 105.0% in the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 360 shares during the last quarter. 83.16% of the stock is owned by hedge funds and other institutional investors.

About Arena Pharmaceuticals

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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