Arena Pharma Posts Q1 Loss Of $0.12/Share, Misses By ~$0.02/Share
Arena Pharmaceuticals (NASDAQ: ARNA) shares have been volatile post-market Monday following the company's issuance of first-quarter financial performance results. After closing the intraday session at $6.84, the stock plunged to a low at $6.41, only to boost modestly to around $6.66 at last check.
Revenue jumped from $2.37 million for the three-month period last year to $6.81 million this year. Specifically, net product sales rose from $0 to $2.88 million.
Arena lost $0.12 per share during the quarter, compared to a loss of $0.09 per share last year on increased R&D activity. The bottom-line figure is 20 percent worse than the analyst consensus.
R&D highlights include Eisai completing a 12-week pilot for lorcaserin and phentermine, Arena started a study to evaluate lorcaserin as a stop smoking aid, and Ildong started a phase 1 clinical trial of temanogrel.
Shares of Arena are down about 2 percent in the after-hours session.
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