Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Expected to Announce Quarterly Sales of $1.03 Million

Analysts forecast that Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) will announce sales of $1.03 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Arena Pharmaceuticals’ earnings, with estimates ranging from $1.00 million to $1.05 million. Arena Pharmaceuticals reported sales of $3.99 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 74.2%. The firm is scheduled to issue its next quarterly 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 fiscal year, with estimates ranging from $804.10 million to $809.00 million. For the next financial year, analysts forecast that the company will report sales of $6.16 million, with estimates ranging from $4.00 million to $10.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Arena Pharmaceuticals.

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

ARNA has been the subject of a number of research analyst reports. ValuEngine cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 10th. BidaskClub upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Credit Suisse Group raised their target price on Arena Pharmaceuticals from $63.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Cantor Fitzgerald restated a “buy” rating on shares of Arena Pharmaceuticals in a report on Wednesday, May 8th. Finally, TheStreet upgraded Arena Pharmaceuticals from a “c” rating to a “b” rating in a report on Friday, May 31st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $62.17.

In other news, Director Jayson Donald Alexander Dallas sold 1,525 shares of Arena Pharmaceuticals stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $55.90, for a total value of $85,247.50. Following the completion of the transaction, the director now owns 5,704 shares in the company, valued at approximately $318,853.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.73% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Arena Pharmaceuticals by 0.4% in the 4th quarter. BlackRock Inc. now owns 4,776,807 shares of the biopharmaceutical company’s stock valued at $186,059,000 after buying an additional 20,795 shares during the period. Partner Fund Management L.P. raised its position in shares of Arena Pharmaceuticals by 10.4% during the 4th quarter. Partner Fund Management L.P. now owns 3,014,672 shares of the biopharmaceutical company’s stock worth $117,421,000 after acquiring an additional 285,117 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Arena Pharmaceuticals by 4.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,430,171 shares of the biopharmaceutical company’s stock worth $55,605,000 after acquiring an additional 63,193 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Arena Pharmaceuticals during the 1st quarter worth about $42,118,000. Finally, Pictet Asset Management Ltd. raised its position in shares of Arena Pharmaceuticals by 1.3% during the 1st quarter. Pictet Asset Management Ltd. now owns 861,345 shares of the biopharmaceutical company’s stock worth $38,614,000 after acquiring an additional 10,829 shares in the last quarter. Institutional investors and hedge funds own 83.16% of the company’s stock.

Shares of NASDAQ ARNA traded up $0.22 during mid-day trading on Friday, reaching $56.23. 320,953 shares of the company’s stock were exchanged, compared to its average volume of 502,497. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -19.06 and a beta of 1.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 35.51 and a quick ratio of 35.51. Arena Pharmaceuticals has a 52-week low of $31.97 and a 52-week high of $59.13. The stock’s 50-day moving average is $54.70.

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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