Arena Pharmaceuticals, Inc. (ARNA) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) announced its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.74) by $0.03, Bloomberg Earnings reports. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. During the same period in the previous year, the firm posted ($1.10) earnings per share. The business’s revenue for the quarter was down 31.8% on a year-over-year basis.

Arena Pharmaceuticals (NASDAQ:ARNA) traded down 0.24% during midday trading on Friday, hitting $20.53. 362,676 shares of the stock traded hands. The firm’s 50 day moving average is $22.17 and its 200-day moving average is $16.20. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $27.86. The stock’s market capitalization is $805.19 million.

Several large investors have recently modified their holdings of the company. Wellington Management Group LLP raised 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 worth $34,432,000 after buying an additional 547,663 shares in the last quarter. Vanguard Group Inc. raised its stake in 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 in the last quarter. Renaissance Technologies LLC raised its stake in 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 in the last quarter. State Street Corp raised its stake in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock valued at $8,847,000 after buying an additional 350,997 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock valued at $2,739,000 after buying an additional 119,336 shares in the last quarter.

COPYRIGHT VIOLATION WARNING: This piece was published by BNB Daily and is owned by of BNB Daily. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this piece can be accessed at https://www.baseball-news-blog.com/2017/08/19/arena-pharmaceuticals-inc-arna-issues-earnings-results-updated.html.

ARNA has been the subject of several recent research reports. Leerink Swann initiated coverage on shares of Arena Pharmaceuticals in a research note on Friday, May 19th. They issued an “outperform” rating and a $50.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Arena Pharmaceuticals in a research note on Thursday, June 15th. They set an “overweight” rating and a $4.00 target price for the company. ValuEngine upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Citigroup Inc. initiated coverage on shares of Arena Pharmaceuticals in a research note on Tuesday, June 27th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, Zacks Investment Research cut shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Arena Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $36.00.

Arena Pharmaceuticals Company Profile

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 for Arena Pharmaceuticals (NASDAQ:ARNA)

Receive News & Ratings for Arena Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply