Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) released its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.01. Arena Pharmaceuticals had a negative return on equity of 336.85% and a negative net margin of 197.50%. The company had revenue of $6.60 million for the quarter, compared to analysts’ expectations of $4.84 million. During the same period in the prior year, the business earned ($0.09) EPS. The business’s quarterly revenue was down 33.0% compared to the same quarter last year.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 15.65% on Friday, hitting $1.33. The company had a trading volume of 7,013,464 shares. Arena Pharmaceuticals has a 12 month low of $1.13 and a 12 month high of $2.16. The company has a 50-day moving average of $1.33 and a 200 day moving average of $1.45. The stock’s market cap is $422.19 million.
A number of brokerages recently commented on ARNA. Leerink Swann began coverage on shares of Arena Pharmaceuticals in a research report on Friday. They issued an “outperform” rating and a $5.00 price objective for the company. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, January 25th. Finally, FBR & Co reiterated an “outperform” rating and set a $6.00 price target on shares of Arena Pharmaceuticals in a research report on Thursday, March 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $5.50.
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In other Arena Pharmaceuticals news, insider Amit Munshi purchased 50,000 shares of the company’s stock in a transaction dated Wednesday, April 26th. The shares were bought at an average price of $1.41 per share, for a total transaction of $70,500.00. Following the purchase, the insider now directly owns 1,875 shares in the company, valued at approximately $2,643.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.14% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Tudor Investment Corp Et Al raised its position in shares of Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 48,181 shares during the period. Bank of America Corp DE raised its position in shares of Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 48,667 shares during the period. Tudor Investment Corp ET AL raised its position in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock valued at $206,000 after buying an additional 68,966 shares during the period. A.R.T. Advisors LLC raised its position in shares of Arena Pharmaceuticals by 485.3% in the fourth quarter. A.R.T. Advisors LLC now owns 155,100 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 128,600 shares during the period. Finally, American International Group Inc. raised its position in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 9,959 shares during the period. Institutional investors own 48.99% of the company’s stock.
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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