Arena Pharmaceuticals Posts Mixed Results (ARNA)

Arena Pharmaceuticals, Inc.

released financial results on Tuesday morning that missed Wall Street earnings estimates but beat revenue expectations. Arena Pharmaceuticals, Inc announced a 3rd quarter net loss of $36.3 million, or 31 cents per share, compared to a net loss of $34.8 million, or 38 cents per share, a year earlier. The company's revenue jumped to $7.63 million, up from $2.62 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 23 cents per share, on revenue of $5.43 million. President and chief executive officer Jack Lief said, "We believe the BLOOM-DM top-line results provide additional support for lorcaserin's benefit-to-risk profile. We remain focused on addressing the recommendations outlined by the FDA in the complete response letter for lorcaserin." Arena Pharmaceuticals, Inc. (

) finished the previous trading day at $1.53 per share. The consensus price target of analysts covering the company's stock is $2.15 per share. Read more