Arena Pharmaceuticals (ARNA) was Initiated by FBR & Co. to “Outperform” and the brokerage firm has set the Price Target at $6. FBR & Co. advised their investors in a research report released on Sep 15, 2016.
On the company’s financial health, Arena Pharmaceuticals reported $-0.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $-0.10. The company had revenue of $9.50 million for the quarter, compared to analysts expectations of $9.84 million. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.11 EPS.
Arena Pharmaceuticals opened for trading at $1.51 and hit $1.55 on the upside on Wednesday, eventually ending the session at $1.54, with a gain of 2.67% or 0.04 points. The heightened volatility saw the trading volume jump to 1,339,215 shares. Company has a market cap of $375 M.
In a different news, on Jun 15, 2016, Christine Anna White (director) sold 18,728 shares at $1.99 per share price. According to the SEC, on Apr 1, 2015, Randall E Woods (director) sold 76,268 shares at $4.49 per share price. On Mar 18, 2015, Steven W Spector (EVP, General Counsel & Sec) sold 70,000 shares at $5.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Arena Pharmaceuticals Inc. is a biopharmaceutical company focused on discovering developing and commercializing drugs that target G protein-coupled receptors (GPCRs). The Company’s drug BELVIQ (lorcaserin HCl) was approved by the United States Food and Drug Administration for marketing in the United States. In addition to BELVIQ the Company has other drug candidates and compounds at various stages of research and development. The Company is exploring lorcaserin’s once-a-day extended release formulation as an aid to smoking cessation in combination with phentermine and other agents for weight management and for other possible indications. The Company’s other drug candidates include ralinepag for vascular diseases APD334 for autoimmune diseases APD371 for pain and fibrotic diseases and temanogrel for thrombotic diseases.