Arena Pharma Posts Q1 Loss Of $0.12/Share, Misses By ~$0.02/Share

Arena Pharmaceuticals 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.