Brokerages expect Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to post earnings of ($0.69) per share for the current quarter, Zacks reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings. The highest EPS estimate is ($0.65) and the lowest is ($0.74). Arena Pharmaceuticals reported earnings per share of ($0.50) in the same quarter last year, which indicates a negative year over year growth rate of 38%. The firm is scheduled to issue its next quarterly earnings results on Monday, November 6th.
Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.74) by $0.03. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. The firm had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. During the same quarter in the previous year, the firm posted ($1.10) earnings per share. The company’s revenue for the quarter was down 31.8% on a year-over-year basis.
Several research firms have weighed in on ARNA. ValuEngine upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. BidaskClub upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Leerink Swann assumed coverage on shares of Arena Pharmaceuticals in a report on Friday, May 19th. They set an “outperform” rating and a $50.00 price objective on the stock. Citigroup Inc. raised their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Arena Pharmaceuticals has a consensus rating of “Buy” and an average price target of $36.00.
Arena Pharmaceuticals (ARNA) traded up 1.84% during trading on Friday, reaching $21.03. 596,252 shares of the company’s stock traded hands. The firm’s 50 day moving average is $21.42 and its 200 day moving average is $15.97. The company’s market cap is $824.80 million. Arena Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $27.86.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Arena Pharmaceuticals during the fourth quarter worth approximately $1,785,000. Renaissance Technologies LLC increased its position in shares of Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after buying an additional 957,190 shares during the period. Vanguard Group Inc. increased its position in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after buying an additional 910,434 shares during the period. Wellington Management Group LLP increased its position in shares of Arena Pharmaceuticals by 2.4% in the first quarter. Wellington Management Group LLP now owns 23,583,115 shares of the biopharmaceutical company’s stock worth $34,432,000 after buying an additional 547,663 shares during the period. Finally, AXA increased its position in shares of Arena Pharmaceuticals by 1,420.6% in the first quarter. AXA now owns 568,700 shares of the biopharmaceutical company’s stock worth $830,000 after buying an additional 531,300 shares during the period.
About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).
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