Leerink Swann Weighs in on Arena Pharmaceuticals, Inc.’s FY2018 Earnings (ARNA)
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) – Equities researchers at Leerink Swann raised their FY2018 EPS estimates for shares of Arena Pharmaceuticals in a research note issued on Thursday, November 15th. Leerink Swann analyst J. Schwartz now forecasts that the biopharmaceutical company will post earnings per share of ($2.76) for the year, up from their prior estimate of ($2.93). Leerink Swann also issued estimates for Arena Pharmaceuticals’ Q4 2018 earnings at ($0.64) EPS, Q1 2019 earnings at ($0.68) EPS, Q2 2019 earnings at ($0.69) EPS, Q3 2019 earnings at ($0.73) EPS, Q4 2019 earnings at ($0.77) EPS, FY2019 earnings at ($2.86) EPS and FY2020 earnings at ($3.50) EPS.
Other equities analysts have also recently issued research reports about the company. ValuEngine raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 16th. BidaskClub lowered Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, November 13th. Needham & Company LLC set a $60.00 price objective on Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, November 15th. Cantor Fitzgerald set a $65.00 price target on Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, November 15th. Finally, Credit Suisse Group raised their price target on Arena Pharmaceuticals from $56.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $64.13.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.74) by $0.04. The firm had revenue of $3.57 million during the quarter, compared to analyst estimates of $2.29 million. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. Arena Pharmaceuticals’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period last year, the company earned ($0.93) EPS.
A number of institutional investors have recently made changes to their positions in ARNA. Principal Financial Group Inc. grew its holdings in shares of Arena Pharmaceuticals by 5.4% during the first quarter. Principal Financial Group Inc. now owns 30,235 shares of the biopharmaceutical company’s stock worth $1,194,000 after purchasing an additional 1,543 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Arena Pharmaceuticals by 25.6% during the third quarter. Janus Henderson Group PLC now owns 7,922 shares of the biopharmaceutical company’s stock valued at $365,000 after buying an additional 1,615 shares during the last quarter. Amalgamated Bank boosted its position in shares of Arena Pharmaceuticals by 30.1% during the second quarter. Amalgamated Bank now owns 7,406 shares of the biopharmaceutical company’s stock valued at $323,000 after buying an additional 1,712 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in Arena Pharmaceuticals by 248.1% in the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock valued at $117,000 after acquiring an additional 1,913 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in shares of Arena Pharmaceuticals by 13.4% in the third quarter. Allianz Asset Management GmbH now owns 16,409 shares of the biopharmaceutical company’s stock worth $755,000 after buying an additional 1,934 shares during the period. Hedge funds and other institutional investors own 84.81% of the company’s stock.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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