|By PR Newswire||
|August 11, 2014 09:30 AM EDT||
LONDON, August 11, 2014 /PRNewswire/ --
Investor-Edge.com has issued complimentary earnings coverage on Arena Pharmaceuticals Inc. (NASDAQ: ARNA) as the company featured in the headlines on, August 1, 2014. Arena Pharmaceuticals Inc. reported a $56.13 million absolute decline and a $0.15 per diluted share decline in net income per share in the second quarter of 2014. Our free coverage report can be accessed at:
For the second quarter of 2014, Arena Pharmaceuticals Inc. reported Research & Development (R&D) expenses of $27.03 million, versus $18.83 million in the year ago quarter. The company's general and administrative expenses increased from $8.60 million in the prior year quarter to $9.13 million during Q2 2014. During the quarter, the company gained $33.3 million on sale of available-for-sale securities in TaiGen. Arena Pharmaceuticals Inc.'s net product sales improved from $1.32 million to $3.53 million in the second quarter of 2014. The biotechnology company reported cash, cash equivalents and short-term investments available-for-sale of $219.11 million as on June 30, 2014.The free research on ARNA can be downloaded as in PDF format at:
During the reported quarter, the company's chronic weight management drug "Belviq" recorded sales of $3.5 million (including $0.4 million from the 15-day free trial voucher redemption), while Eisai, which holds marketing and distribution rights for BELVIQ for most territories worldwide sold $9.9 million worth of Belviq drug doing the same period. Further, Eisai increased its total sales representative's workforce by 200 to 600 sales representatives so as to enable them to reach approximately 92,000 doctors in the United States. In the reported quarter, Arena Pharmaceuticals Inc.'s through its wholly owned subsidiary Arena Pharmaceuticals GmbH entered into a marketing and supply agreement with Teva Pharmaceutical Industries Ltd's Israeli subsidiary to market and distribute Belviq in Israel. Sign up and read the free analyst's notes on ARNA at:
Jack Lief, Arena's President and Chief Executive Officer stated that the company has witnessed encouraging advancements in the US commercialization of Belviq, with 43% quarter-over-quarter growth in estimated total prescriptions with, estimated total per week prescriptions crosses the 10,000 mark. Mr. Lief said that during the quarter the company has been able to advance in internally discovered pipeline and lorcaserin life-cycle management programs and has been able to enter into marketing and supply agreement for BELVIQ in Israel.
The biotech company reported total revenue of $12.80 million during the second quarter of 2014, compared with $68.93 million in Q2 2013. The San Diego-based company's net income stood at $7.48 million or $0.03 per share during Q2 2014, versus $40.10 million, or $0.18 per diluted share in the Q2 2013. Analyst at Bloomberg expected revenue of $9.96 million and a net loss of $22.90 billion, or $0.11 loss per share for Q2 2014.
Arena Pharmaceuticals Inc.'s shares fell 3.67% to close at $4.46 on, August 01, 2014. However, on Friday, August 08, 2014, the company's shares gained 2.09% to end at $4.39. The company's shares oscillated between $4.26 and $4.42 during the trading session. A total of 2.20 million shares were traded, which is well below its three months average volume of 5.29 million shares. Arena Pharmaceuticals Inc.'s shares have advanced 1.39% in the previous three trading sessions, while the stock has declined 13.24% in the last one month, and 24.96% on YTD basis. The stock is trading below its 50-day and 200-day moving averages of $5.41 and $6.00, respectively. Arena Pharmaceuticals Inc.' stock has a Relative Strength Index (RSI) of 34.30. Visit Investor-Edge and access the latest research on ARNA at:
Sneak Peek to Corporate Insider Trading
In the last one month, Arena Pharmaceuticals Inc. has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on ARNA is available at:
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