Schwab Charles Investment Management Inc. grew its position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 36.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 179,353 shares of the biopharmaceutical company’s stock after acquiring an additional 47,888 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.46% of Arena Pharmaceuticals worth $4,574,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Balyasny Asset Management LLC acquired a new position in shares of Arena Pharmaceuticals during the second quarter valued at $12,183,000. Pictet Asset Management Ltd. acquired a new position in shares of Arena Pharmaceuticals during the third quarter valued at $13,656,000. JPMorgan Chase & Co. boosted its holdings in shares of Arena Pharmaceuticals by 16,992.7% during the second quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock valued at $5,361,000 after acquiring an additional 315,895 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Arena Pharmaceuticals during the third quarter valued at $5,100,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Arena Pharmaceuticals by 22.0% during the third quarter. Bank of New York Mellon Corp now owns 170,336 shares of the biopharmaceutical company’s stock valued at $4,343,000 after acquiring an additional 30,660 shares during the period. 72.82% of the stock is owned by institutional investors.
Several brokerages have recently issued reports on ARNA. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday. Wells Fargo & Co raised shares of Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 3rd. BidaskClub raised shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 27th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $36.00.
Shares of Arena Pharmaceuticals, Inc. (ARNA) opened at $39.41 on Thursday. The firm has a market cap of $1,550.00, a PE ratio of -41.93 and a beta of 1.49. Arena Pharmaceuticals, Inc. has a 1-year low of $11.30 and a 1-year high of $41.92. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.42 and a quick ratio of 4.32.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.01. The business had revenue of $7.95 million during the quarter, compared to the consensus estimate of $5.48 million. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The company’s quarterly revenue was down 58.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) earnings per share. analysts forecast that Arena Pharmaceuticals, Inc. will post -3.17 EPS for the current fiscal year.
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Arena Pharmaceuticals Profile
Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).
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