Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) – Equities research analysts at Cantor Fitzgerald dropped their FY2017 earnings per share (EPS) estimates for shares of Arena Pharmaceuticals in a research note issued on Tuesday. Cantor Fitzgerald analyst W. Tanner now anticipates that the biopharmaceutical company will post earnings per share of ($2.50) for the year, down from their previous estimate of ($2.44). Cantor Fitzgerald currently has a “Overweight” rating and a $37.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Arena Pharmaceuticals’ FY2018 earnings at ($2.16) EPS.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by $0.03. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 80.81%. The company had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. During the same period last year, the business earned ($1.10) earnings per share. The company’s quarterly revenue was down 31.8% compared to the same quarter last year. TRADEMARK VIOLATION NOTICE: This story was published by Watch List News and is the sole property of of Watch List News. If you are viewing this story on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this story can be accessed at https://www.watchlistnews.com/cantor-fitzgerald-equities-analysts-reduce-earnings-estimates-for-arena-pharmaceuticals-inc-arna/1467692.html.

Several other research analysts also recently weighed in on ARNA. Needham & Company LLC reaffirmed a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday. Wells Fargo & Company reaffirmed a “market perform” rating and set a $19.00 target price (up from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Citigroup Inc. upped their target price on Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, July 11th. BidaskClub raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Finally, ValuEngine raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $36.00.

Shares of Arena Pharmaceuticals (ARNA) opened at 20.73 on Thursday. The stock’s market capitalization is $659.19 million. The firm’s 50-day moving average is $21.17 and its 200-day moving average is $15.89. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $27.86.

In other news, insider Amit Munshi purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $1.19 per share, for a total transaction of $29,750.00. Following the completion of the transaction, the insider now owns 76,875 shares of the company’s stock, valued at $91,481.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.88% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of ARNA. Norges Bank purchased a new stake in shares of Arena Pharmaceuticals during the fourth quarter valued at approximately $1,785,000. Renaissance Technologies LLC boosted its stake 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 valued at $12,380,000 after buying an additional 957,190 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 valued at $29,063,000 after buying an additional 910,434 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 valued at $34,432,000 after buying an additional 547,663 shares during the last quarter. Finally, AXA boosted its stake 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 valued at $830,000 after buying an additional 531,300 shares during the last quarter.

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).

Earnings History and Estimates for Arena Pharmaceuticals (NASDAQ:ARNA)

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