BidaskClub upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a buy rating to a strong-buy rating in a research note released on Wednesday, December 27th.
Separately, Cantor Fitzgerald reiterated a buy rating and issued a $37.00 price target on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $36.00.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at $34.95 on Wednesday. Arena Pharmaceuticals has a fifty-two week low of $11.30 and a fifty-two week high of $41.92. 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 cap of $1,370.00, a P/E ratio of -37.18 and a beta of 1.49.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The company had revenue of $7.95 million for the quarter, compared to analysts’ expectations of $5.48 million. During the same quarter last year, the company posted ($0.05) earnings per share. The firm’s quarterly revenue was down 58.6% on a year-over-year basis. sell-side analysts forecast that Arena Pharmaceuticals will post -3.13 EPS for the current year.
Hedge funds have recently made changes to their positions in the company. Balyasny Asset Management LLC bought a new stake in Arena Pharmaceuticals in the 2nd quarter valued at $12,183,000. Pictet Asset Management Ltd. bought a new stake in Arena Pharmaceuticals in the 3rd quarter valued at $13,656,000. Point72 Asset Management L.P. bought a new stake in Arena Pharmaceuticals in the 3rd quarter valued at $9,973,000. JPMorgan Chase & Co. increased its holdings in Arena Pharmaceuticals by 16,992.7% in the 2nd 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 last quarter. Finally, Macquarie Group Ltd. bought a new stake in Arena Pharmaceuticals in the 3rd quarter valued at $5,100,000. Hedge funds and other institutional investors own 72.82% of the company’s stock.
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About Arena Pharmaceuticals
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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