Arena Pharmaceuticals (NASDAQ:ARNA) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.32) by ($0.14), RTT News reports. The company had revenue of $1.35 million during the quarter, compared to analyst estimates of $2.06 million. Arena Pharmaceuticals had a return on equity of 53.92% and a net margin of 72.84%. The company’s revenue was down 62.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.70) earnings per share.
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ARNA stock traded down $0.83 on Friday, hitting $47.40. 743,200 shares of the company’s stock traded hands, compared to its average volume of 468,723. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of -16.07 and a beta of 1.54. The company has a current ratio of 36.51, a quick ratio of 36.51 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average of $48.02 and a 200-day moving average of $53.52. Arena Pharmaceuticals has a 1-year low of $31.97 and a 1-year high of $64.48.
A number of analysts have recently weighed in on the stock. ValuEngine lowered shares of Arena Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $79.00 price target on shares of Arena Pharmaceuticals in a research note on Sunday, August 11th. BidaskClub raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. reduced their price target on shares of Arena Pharmaceuticals from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday. Finally, TheStreet lowered shares of Arena Pharmaceuticals from a “b” rating to a “c+” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.86.
In other news, EVP Steven W. Spector sold 31,457 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $50.72, for a total transaction of $1,595,499.04. Following the transaction, the executive vice president now owns 22,964 shares in the company, valued at approximately $1,164,734.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Vincent Aurentz sold 65,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $50.72, for a total transaction of $3,296,800.00. Following the transaction, the vice president now owns 25,000 shares in the company, valued at approximately $1,268,000. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by corporate insiders.
Arena Pharmaceuticals Company Profile
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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