Schwab Charles Investment Management Inc. increased its holdings in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 36.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 179,353 shares of the biopharmaceutical company’s stock after buying an additional 47,888 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.46% of Arena Pharmaceuticals worth $4,574,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Great West Life Assurance Co. Can lifted its position in shares of 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 worth $112,000 after buying an additional 2,466 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new position in Arena Pharmaceuticals in the third quarter valued at about $252,000. Legal & General Group Plc raised its position in Arena Pharmaceuticals by 46.8% in the third 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. DAFNA Capital Management LLC bought a new position in Arena Pharmaceuticals in the second quarter valued at about $262,000. Finally, Dupont Capital Management Corp bought a new position in Arena Pharmaceuticals in the third quarter valued at about $422,000. Institutional investors and hedge funds own 72.39% of the company’s stock.
Several research firms have commented on ARNA. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 26th. Credit Suisse Group began coverage on Arena Pharmaceuticals in a research report on Wednesday, January 17th. They issued an “outperform” rating and a $44.00 target price for the company. Leerink Swann reiterated a “positive” rating and issued a $56.00 target price (up from $53.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Cantor Fitzgerald reiterated a “buy” rating and issued a $45.00 target price on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Finally, Zacks Investment Research downgraded Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.38.
Shares of Arena Pharmaceuticals, Inc. (ARNA) traded up $0.34 during mid-day trading on Friday, hitting $39.13. The stock had a trading volume of 596,806 shares, compared to its average volume of 615,568. The firm has a market capitalization of $1,540.00, a PE ratio of -41.63 and a beta of 1.64. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. Arena Pharmaceuticals, Inc. has a 12 month low of $11.30 and a 12 month high of $41.92.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.01. The company had revenue of $7.95 million during the quarter, compared to analysts’ expectations of $5.48 million. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The business’s quarterly revenue was down 58.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. equities analysts forecast that Arena Pharmaceuticals, Inc. will post -3.13 earnings per share for the current 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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