Advisors Asset Management Inc. raised its position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 414.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,583 shares of the biopharmaceutical company’s stock after buying an additional 11,747 shares during the quarter. Advisors Asset Management Inc.’s holdings in Arena Pharmaceuticals were worth $636,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. grew its holdings in Arena Pharmaceuticals by 248.1% in the 2nd quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 1,913 shares in the last quarter. Smith Asset Management Group LP acquired a new position in Arena Pharmaceuticals in the 2nd quarter valued at $248,000. Xact Kapitalforvaltning AB acquired a new position in Arena Pharmaceuticals in the 1st quarter valued at $250,000. Janus Henderson Group PLC acquired a new position in Arena Pharmaceuticals in the 2nd quarter valued at $275,000. Finally, Amalgamated Bank grew its holdings in Arena Pharmaceuticals by 30.1% in the 2nd quarter. Amalgamated Bank now owns 7,406 shares of the biopharmaceutical company’s stock valued at $323,000 after buying an additional 1,712 shares in the last quarter. 82.21% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have commented on ARNA shares. ValuEngine lowered Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 24th. BidaskClub lowered Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, July 27th. Credit Suisse Group decreased their price objective on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, August 7th. Finally, Cantor Fitzgerald set a $65.00 price objective on Arena Pharmaceuticals and gave the company a “buy” rating in a report on Monday, September 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $62.88.
In other news, EVP Steven W. Spector sold 29,005 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $36.01, for a total transaction of $1,044,470.05. Following the sale, the executive vice president now directly owns 48,695 shares of the company’s stock, valued at approximately $1,753,506.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.92% of the company’s stock.
ARNA opened at $37.62 on Tuesday. The firm has a market cap of $1.89 billion, a PE ratio of -14.30 and a beta of 1.89. Arena Pharmaceuticals, Inc. has a 52-week low of $24.33 and a 52-week high of $50.05. The company has a current ratio of 28.76, a quick ratio of 28.76 and a debt-to-equity ratio of 0.10.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Monday, August 6th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.01). The company had revenue of $4.00 million for the quarter, compared to analyst estimates of $3.91 million. Arena Pharmaceuticals had a negative return on equity of 25.90% and a negative net margin of 377.94%. The business’s revenue for the quarter was up 110.5% compared to the same quarter last year. During the same period last year, the company posted ($0.77) earnings per share. Equities analysts forecast that Arena Pharmaceuticals, Inc. will post -2.86 earnings per share for the current year.
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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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