IAN:
ARNA: Has continued doing well, as I mentioned before:
Message 15237876
It seems it is going to challenge the Dec.H in the 24 to 25 area and if successful could get to the mid-thirties.
The latest revenues and earnings news were not bad:
SAN DIEGO, Jan. 18 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA - news) today reported results for the quarter ended December 31, 2000. During the fourth quarter 2000, the Company reported revenues of $4.1 million versus no revenues for the fourth quarter of 1999. Revenues in the fourth quarter of 2000 were attributable to collaborations, which included research funding, milestone payments and technology access and development fees. For the first time, the Company reported net income in the fourth quarter of 2000 of $1.1 million, or $0.05 per share on a diluted basis. In the comparable quarter of 1999, Arena reported a net loss of $3.0 million or $0.37 per share on a pro forma basis. The fourth quarter 2000 net income was reduced by non-cash charges related to amortization of deferred compensation of $1.4 million; excluding these charges, the net income was approximately $2.5 million, or $0.11 per share on a diluted basis.
Revenues for the year ended December 31, 2000 were $7.7 million compared to no revenues for the year ended December 31, 1999. Revenues were attributable to collaborations, which included research funding, milestone payments and technology access and development fees. Net loss for the year ended December 31, 2000 was $6.4 million, or $0.37 per share on a pro forma basis, excluding the impact of a non-cash preferred stock charge related to the issuance of preferred stock in the period of $22.4 million or $1.29 per share on a pro forma basis. In the comparable year ended December 31, 1999, Arena reported a net loss of $10.2 million or $1.29 per share on a pro forma basis. Included in the net loss for the year ended December 31, 2000 were non-cash charges related to amortization of deferred compensation of $4.3 million; excluding these charges as well as the non-cash preferred stock charge, the net loss was $2.0 million, or $0.12 per share on a pro forma basis. Cash and cash equivalents at December 31, 2000 totaled $144.4 million.
They reportedly have $6.51 cash/share. Insiders hold 74% and institutions 35%(131% of float)and have been buying lately. There is also a reported short position of 5.3% of the float, which reportedly is only around 6 million, so that could increase the upside momentum if it is able to close above the Dec. H and the "generla market" cooperates.
Bernard |
