Arena Posts Worse-Than-Feared Quarterly Loss As Sales Disappoint
Posted on Wednesday February 24, 2021
Arena Pharmaceuticals posted a wider-than-expected loss in the fourth quarter, as the biopharmaceutical company’s sales were almost negligible. Shares declined about 2.7% to close at $76.56 on Feb. 23. However, Arena (ARNA) achieved a strong liquidity position and maintained pipeline progress. The company incurred a loss of $2.10 per share in 4Q, compared to the $1.85 loss per share estimated by analysts. Total sales generated in the quarter amounted to $37,000, falling short of analysts’ expectations of $560,000. Arena’s research and development (R&D) expenses came in at $100.4 million in the quarter, up 34.6% year-over-year. Selling, general and administrative (SG&A) expenses were $34.9 million, up 57.2%. Arena CEO Amit D. Munshi said, “This quarter we were pleased to announce the completion of enrollment of the ELEVATE UC 52 trial for etrasimod and expansion of our cardiovascular franchise to include temanogrel.” “Our growing and diverse pipeline is supported by a strong cash position,” he added. (See Arena stock analysis on TipRanks) Following the 4Q results, JonesTrading analyst Prakhar Agrawal reiterated a Buy rating and a price target of $101 (31.9% upside potential) on the stock. The analyst said, “There was no material update in 4Q.” Additionally, Agrawal believes “investor focus is on the imminent readout for Olorinab in IBS-pain (CAPTIVATE).” The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 2 Buys. The average analyst price target of $95.50 implies almost 25% upside potential to current levels. Shares have increased more than 14% over the past six months. Related News: Analog Devices Posts Better-Than-Expected 1Q Earnings Amid Strong Chip Demand Moody’s Posts Better-Than-Expected 4Q Revenue But Profit Disappoints Lincoln Electric Posts Better-Than-Expected Quarterly Profit; Street Sees 5% Upside More recent articles from Smarter Analyst: Wells Fargo Inks Deal To Sell Asset Management Arm For $2.1B PubMatic’s 4Q Earnings Beat Estimates Post-IPO; Shares Spike 12% After-Hours Essential Properties’ 4Q AFFO Misses Estimates; Street Stays Bullish Pioneer Natural's 4Q Profit Sinks 55%; Shares Slip
Arena Pharmaceuticals Inc (ARNA) Q4 2020 Earnings Call Transcript
Posted on Wednesday February 24, 2021
Image source: The Motley Fool. Arena Pharmaceuticals Inc (NASDAQ: ARNA)Q4 2020 Earnings CallFeb 23, 2021, 4:30 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day everyone, and welcome to Arena Pharmaceuticals Corporate Conference Call.
Recap: Arena Pharmaceuticals Q4 Earnings
Posted on Tuesday February 23, 2021
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) were flat in after-market trading after the company reported Q4 results. Quarterly Results Earnings per share fell 19.32% year over year to ($2.10), which missed the estimate of ($1.85). Revenue of $37,000 decreased by 98.77% year over year, which missed the estimate of $560,000. Guidance Earnings guidance hasn't been issued by the company for now. Arena Pharmaceuticals hasn't issued any revenue guidance for the time being. How To Listen To The Conference Call Date: Feb 23, 2021 View more earnings on ARNA Time: 04:30 PM ET Webcast URL: https://edge.media-server.com/mmc/p/ygonbtrf Technicals Company's 52-week high was at $90.19 Company's 52-week low was at $32.95 Price action over last quarter: Up 8.98% Company Profile Arena Pharmaceuticals is a biotechnology company targeting G-protein-coupled receptors. The company has one internally discovered drug, lorcaserin, which has been approved and is marketed in the U.S. and South Korea to target weight management. It is commercialized under the brand name Belviq. The company is collaborating with Eisai to market Belviq in other countries. It has a presence in Europe through its Swiss subsidiary, Arena GmbH. The company's pipeline contains drugs targeting autoimmune diseases, vascular diseases, thrombotic diseases, dementia-associated psychosis, nervous system issues, and pain. See more from BenzingaClick here for options trades from BenzingaEarnings Scheduled For February 23, 2021Arena Pharmaceuticals Earnings Preview© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Arena Reports Fourth Quarter Financial Results with Strong Liquidity Position and Maintained Pipeline Progress Over the Quarter
Posted on Tuesday February 23, 2021
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today provided a corporate update and reported financial results for the fourth quarter and full year ended December 31, 2020.
