Arena Pharmaceuticals, Inc. (NASDAQ: ARNA)
Arena Pharmaceuticals is having an overwhelmingly strong day in the market today. As soon as the trading session started for the day, the stock was already trading well into the green. Since the open of the session, the stock has remained relatively flat, but the gains seem to be here to stay. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for ahead.
What We're Seeing From ARNA
As mentioned above, Arena Pharmaceuticals is having an overwhelmingly strong day in the market today. At the opening bell, the stock was already trading well into the green. Since the open of the session, we haven't seen much movement, but all in all, the gains seem to be here to stay. At the moment (11:50), ARNA is trading at $1.60 per share after a gain of $0.18 per share or 12.68% thus far today.
Why The Stock Is Headed Upward
As is generally the case, our partners at Trade Ideas were the first to inform us of the gains on ARNA. As soon as we received the alert, the CNA Finance team started working to see why the stock was making a run for the top. It didn't take long to dig up the story. Ultimately, the gains we're seeing today are the result of earnings news.
Yesterday, after the closing bell, Arena Pharmaceuticals released its financial results for the fourth quarter and full year. Here's what we saw from the report...
- Revenue – Revenue for the quarter came in at $85.4 million. That's a great number when you consider that for the full year, revenue only totaled $124 million.
- Earnings Per Share – While revenue was positive, it wasn't the only positive data that was released from the report. Earnings proved to be overwhelmingly positive for ARNA as well. While the company did produce a loss of $0.09 for the full year, that loss was brought down to size by earnings of $0.16 per share that were brought in during the fourth quarter.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ARNA. In particular, we're going to be watching for any news associated with continued growth. Also, since milestone payments played a key role in the fourth quarter, we'll be keeping an eye on any future payments to come. Nonetheless, we'll continue to follow the story and bring you the news as it breaks!
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