California State Teachers Retirement System lifted its stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 10.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,932 shares of the biopharmaceutical company’s stock after buying an additional 6,136 shares during the period. California State Teachers Retirement System owned about 0.16% of Arena Pharmaceuticals worth $1,605,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in ARNA. Great West Life Assurance Co. Can boosted its position in Arena Pharmaceuticals by 128.2% in the third quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 2,466 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Arena Pharmaceuticals in the third quarter worth $252,000. Legal & General Group Plc boosted 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 worth $264,000 after purchasing an additional 3,302 shares during the last quarter. DAFNA Capital Management LLC purchased a new position in Arena Pharmaceuticals in the second quarter worth $262,000. Finally, Dupont Capital Management Corp purchased a new position in Arena Pharmaceuticals in the third quarter worth $422,000. 72.49% of the stock is currently owned by institutional investors.
Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) traded up $0.63 on Monday, hitting $40.34. The company’s stock had a trading volume of 525,419 shares, compared to its average volume of 651,771. The company has a market capitalization of $1,580.00, a price-to-earnings ratio of -42.91 and a beta of 1.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42. Arena Pharmaceuticals, Inc. has a 52-week low of $11.30 and a 52-week high of $41.92.
Several research analysts have weighed in on ARNA shares. BidaskClub raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 2nd. Zacks Investment Research cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Wells Fargo & Co upgraded Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 3rd. Cantor Fitzgerald restated a “buy” rating and issued a $45.00 target price on shares of Arena Pharmaceuticals in a research note on Wednesday, January 17th. Finally, Credit Suisse Group assumed coverage on Arena Pharmaceuticals in a research note on Wednesday, January 17th. They issued an “outperform” rating and a $44.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.38.
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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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