ValuEngine Downgrades Arena Pharmaceuticals (NASDAQ:ARNA) to Sell

ValuEngine downgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a hold rating to a sell rating in a research report sent to investors on Wednesday, March 14th.

A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC reissued a hold rating on shares of Arena Pharmaceuticals in a report on Wednesday, March 14th. BidaskClub lowered shares of Arena Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, March 13th. Zacks Investment Research raised shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, March 9th. Citigroup increased their target price on shares of Arena Pharmaceuticals from $37.00 to $55.00 and gave the stock a buy rating in a research note on Tuesday, February 27th. Finally, JMP Securities increased their price target on shares of Arena Pharmaceuticals from $36.00 to $63.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Arena Pharmaceuticals currently has a consensus rating of Buy and an average price target of $52.25.

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NASDAQ:ARNA traded down $1.84 during trading hours on Wednesday, reaching $33.88. 1,540,653 shares of the company were exchanged, compared to its average volume of 2,692,230. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.89 and a current ratio of 3.89. The stock has a market capitalization of $1,706.73, a PE ratio of -12.88 and a beta of 1.49. Arena Pharmaceuticals has a twelve month low of $11.30 and a twelve month high of $45.85.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.30. The business had revenue of $15.40 million during the quarter, compared to analysts’ expectations of $5.75 million. Arena Pharmaceuticals had a negative net margin of 250.93% and a negative return on equity of 62.82%. The company’s quarterly revenue was down 77.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.60 earnings per share. research analysts forecast that Arena Pharmaceuticals will post -2.74 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in ARNA. Point72 Asset Management L.P. purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth approximately $9,973,000. Macquarie Group Ltd. purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth approximately $5,100,000. Deutsche Bank AG grew its position in shares of Arena Pharmaceuticals by 112.4% during the fourth quarter. Deutsche Bank AG now owns 185,080 shares of the biopharmaceutical company’s stock worth $6,284,000 after acquiring an additional 97,934 shares during the last quarter. EAM Investors LLC purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth approximately $2,408,000. Finally, ClariVest Asset Management LLC purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth approximately $2,156,000. Institutional investors and hedge funds own 73.05% 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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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