BidaskClub upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a hold rating in a report released on Friday morning.
Several other analysts have also weighed in on ARNA. ValuEngine lowered shares of Arena Pharmaceuticals from a hold rating to a sell rating in a report on Tuesday. Needham & Company LLC reaffirmed a hold rating on shares of Arena Pharmaceuticals in a report on Wednesday, March 14th. JMP Securities raised their price objective on shares of Arena Pharmaceuticals from $63.00 to $79.00 and gave the stock an outperform rating in a report on Tuesday, March 20th. Zacks Investment Research raised shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, March 9th. Finally, Wells Fargo decreased their price target on shares of Arena Pharmaceuticals from $53.00 to $60.00 and set an outperform rating on the stock in a research note on Tuesday, March 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $53.13.
Shares of NASDAQ ARNA traded up $0.42 during mid-day trading on Friday, hitting $39.69. 719,917 shares of the stock were exchanged, compared to its average volume of 1,444,826. The firm has a market cap of $1,876.35, a price-to-earnings ratio of -15.09 and a beta of 1.49. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 0.28. Arena Pharmaceuticals has a twelve month low of $11.30 and a twelve month high of $45.85.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.65) by $0.30. The company had revenue of $15.40 million during the quarter, compared to analyst estimates 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 revenue was down 77.8% on a year-over-year basis. During the same quarter last year, the business posted $1.60 earnings per share. analysts forecast that Arena Pharmaceuticals will post -2.74 earnings per share for the current year.
In other news, EVP Steven W. Spector sold 30,001 shares of the stock in a transaction that occurred on Monday, April 16th. The shares were sold at an average price of $34.57, for a total transaction of $1,037,134.57. Following the sale, the executive vice president now directly owns 34,691 shares of the company’s stock, valued at $1,199,267.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.88% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC bought a new position in Arena Pharmaceuticals in the fourth quarter valued at approximately $635,000. Macquarie Group Ltd. boosted its stake in Arena Pharmaceuticals by 12.7% in the fourth quarter. Macquarie Group Ltd. now owns 225,400 shares of the biopharmaceutical company’s stock valued at $7,657,000 after acquiring an additional 25,400 shares during the last quarter. Teachers Advisors LLC boosted its stake in Arena Pharmaceuticals by 7.3% in the fourth quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock valued at $13,742,000 after acquiring an additional 27,348 shares during the last quarter. Perceptive Advisors LLC bought a new position in Arena Pharmaceuticals in the fourth quarter valued at approximately $747,000. Finally, Deutsche Bank AG boosted its stake in Arena Pharmaceuticals by 112.4% in the fourth quarter. Deutsche Bank AG now owns 185,080 shares of the biopharmaceutical company’s stock valued at $6,284,000 after acquiring an additional 97,934 shares during the last quarter. 60.24% of the stock is currently owned by institutional investors and hedge funds.
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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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