Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by analysts at Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a report released on Wednesday, January 3rd, MarketBeat reports.
Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 19th. Cantor Fitzgerald reiterated a “buy” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $36.00.
Shares of Arena Pharmaceuticals (ARNA) traded down $0.82 during midday trading on Wednesday, reaching $34.95. 836,156 shares of the company’s stock traded hands, compared to its average volume of 581,333. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1,404.45, a P/E ratio of -37.58 and a beta of 1.50. Arena Pharmaceuticals has a twelve month low of $11.30 and a twelve month high of $41.92.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.66) by $0.01. The business had revenue of $7.95 million for the quarter, compared to analyst estimates 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 period last year, the company posted ($0.05) earnings per share. research analysts predict that Arena Pharmaceuticals will post -3.13 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Great West Life Assurance Co. Can grew its stake in Arena Pharmaceuticals by 128.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after acquiring an additional 2,466 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Arena Pharmaceuticals in the 3rd quarter valued at about $174,000. B. Riley Financial Inc. acquired a new position in Arena Pharmaceuticals in the 3rd quarter valued at about $204,000. State Board of Administration of Florida Retirement System acquired a new position in Arena Pharmaceuticals in the 3rd quarter valued at about $252,000. Finally, Legal & General Group Plc boosted its holdings in Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 3,302 shares during the last quarter. 72.82% of the stock is owned by institutional investors.
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Arena Pharmaceuticals Company 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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