Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) posted its quarterly earnings data on Monday. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by $0.03, RTT News reports. The company had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The business’s revenue for the quarter was down 31.8% on a year-over-year basis. During the same period in the previous year, the business earned ($1.10) earnings per share.
Arena Pharmaceuticals (NASDAQ ARNA) traded up 0.43% during midday trading on Monday, reaching $23.36. 517,222 shares of the company traded hands. The company’s 50-day moving average price is $19.63 and its 200 day moving average price is $15.53. Arena Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $27.86. The firm’s market capitalization is $741.52 million.
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Several research firms have recently weighed in on ARNA. Leerink Swann began coverage on shares of Arena Pharmaceuticals in a research note on Friday, May 19th. They issued an “outperform” rating and a $50.00 price target on the stock. Cantor Fitzgerald began coverage on shares of Arena Pharmaceuticals in a research note on Thursday, June 15th. They issued an “overweight” rating and a $4.00 price target on the stock. ValuEngine raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Citigroup Inc. began coverage on shares of Arena Pharmaceuticals in a research note on Tuesday, June 27th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $36.00.
In other news, insider Amit Munshi bought 25,000 shares of Arena Pharmaceuticals stock in a transaction on Friday, May 12th. The shares were bought at an average cost of $1.19 per share, for a total transaction of $29,750.00. Following the acquisition, the insider now owns 76,875 shares in the company, valued at $91,481.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.88% of the stock is owned by insiders.
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).
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