Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Friday.
Other research analysts have also issued research reports about the stock. Needham & Company LLC upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price target for the company from $30.89 to $60.00 in a research note on Tuesday, March 20th. Citigroup restated a “buy” rating and set a $62.00 price target on shares of Arena Pharmaceuticals in a research note on Wednesday, March 21st. ValuEngine upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Zacks Investment Research upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, March 9th. Finally, JMP Securities upped their price target on shares of Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Arena Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $53.13.
Shares of Arena Pharmaceuticals stock opened at $47.29 on Friday. The company has a current ratio of 15.28, a quick ratio of 15.28 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals has a 12-month low of $45.90 and a 12-month high of $46.76. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -17.98 and a beta of 1.49.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Tuesday, May 8th. The biopharmaceutical company reported ($0.80) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.68) by ($0.12). Arena Pharmaceuticals had a negative net margin of 321.04% and a negative return on equity of 34.08%. The company had revenue of $1.76 million for the quarter, compared to analyst estimates of $4.02 million. During the same quarter in the previous year, the company posted ($0.90) EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. research analysts forecast that Arena Pharmaceuticals will post -2.75 EPS for the current year.
In other news, EVP Steven W. Spector sold 30,001 shares of the stock in a transaction on Monday, April 16th. The shares were sold at an average price of $34.57, for a total value of $1,037,134.57. Following the sale, the executive vice president now owns 34,691 shares in the company, valued at $1,199,267.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.88% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Arena Pharmaceuticals by 33.9% in the first quarter. BlackRock Inc. now owns 4,161,464 shares of the biopharmaceutical company’s stock worth $164,377,000 after acquiring an additional 1,053,539 shares during the period. Northern Trust Corp increased its stake in shares of Arena Pharmaceuticals by 16.9% in the first quarter. Northern Trust Corp now owns 543,774 shares of the biopharmaceutical company’s stock worth $21,479,000 after acquiring an additional 78,445 shares during the period. Teachers Advisors LLC increased its stake in shares of Arena Pharmaceuticals by 7.3% in the fourth quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock worth $13,742,000 after acquiring an additional 27,348 shares during the period. Rock Springs Capital Management LP increased its stake in shares of Arena Pharmaceuticals by 74.4% in the first quarter. Rock Springs Capital Management LP now owns 375,000 shares of the biopharmaceutical company’s stock worth $14,813,000 after acquiring an additional 160,000 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Arena Pharmaceuticals by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 351,181 shares of the biopharmaceutical company’s stock worth $11,929,000 after acquiring an additional 12,186 shares during the period. Hedge funds and other institutional investors own 60.59% of the company’s stock.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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