Equities research analysts forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will post $930,000.00 in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings. The lowest sales estimate is $860,000.00 and the highest is $1.00 million. Arena Pharmaceuticals posted sales of $7.95 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 88.3%. The firm is scheduled to report its next quarterly earnings results on Tuesday, November 6th.
According to Zacks, analysts expect that Arena Pharmaceuticals will report full year sales of $9.39 million for the current financial year, with estimates ranging from $7.46 million to $13.00 million. For the next fiscal year, analysts forecast that the company will post sales of $7.42 million, with estimates ranging from $4.00 million to $14.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Arena Pharmaceuticals.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, August 6th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.64) by ($0.01). Arena Pharmaceuticals had a negative net margin of 377.94% and a negative return on equity of 25.90%. The company had revenue of $4.00 million during the quarter, compared to analyst estimates of $3.91 million. During the same quarter in the prior year, the firm earned ($0.77) earnings per share. Arena Pharmaceuticals’s revenue for the quarter was up 110.5% on a year-over-year basis.
In other news, EVP Steven W. Spector sold 29,005 shares of the business’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $36.01, for a total value of $1,044,470.05. Following the completion of the sale, the executive vice president now owns 48,695 shares of the company’s stock, valued at $1,753,506.95. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.92% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of ARNA. Meeder Asset Management Inc. raised its stake in Arena Pharmaceuticals by 248.1% during the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock worth $117,000 after acquiring an additional 1,913 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of Arena Pharmaceuticals by 191.5% in the first quarter. Quantbot Technologies LP now owns 3,918 shares of the biopharmaceutical company’s stock valued at $154,000 after buying an additional 2,574 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Arena Pharmaceuticals in the first quarter valued at approximately $225,000. Amalgamated Bank acquired a new position in shares of Arena Pharmaceuticals in the first quarter valued at approximately $225,000. Finally, Smith Asset Management Group LP acquired a new position in shares of Arena Pharmaceuticals in the second quarter valued at approximately $248,000. 81.92% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:ARNA traded up $0.27 on Wednesday, hitting $39.88. The company had a trading volume of 306,519 shares, compared to its average volume of 855,872. Arena Pharmaceuticals has a 1-year low of $24.33 and a 1-year high of $50.05. The company has a market cap of $2.27 billion, a P/E ratio of -15.16 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a current ratio of 28.76 and a quick ratio of 28.76.
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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