Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,271 shares of the biopharmaceutical company’s stock after buying an additional 1,701 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Arena Pharmaceuticals worth $2,337,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ARNA. Principal Financial Group Inc. increased its holdings in shares of Arena Pharmaceuticals by 16.3% during the 1st quarter. Principal Financial Group Inc. now owns 19,460 shares of the biopharmaceutical company’s stock worth $1,350,000 after buying an additional 2,730 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Arena Pharmaceuticals by 188.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,716 shares of the biopharmaceutical company’s stock worth $465,000 after buying an additional 4,386 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Arena Pharmaceuticals by 779.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 4,835 shares of the biopharmaceutical company’s stock worth $335,000 after buying an additional 4,285 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Arena Pharmaceuticals by 22.9% during the 1st quarter. Teacher Retirement System of Texas now owns 6,278 shares of the biopharmaceutical company’s stock worth $436,000 after buying an additional 1,169 shares during the last quarter. Finally, UBS Group AG increased its holdings in Arena Pharmaceuticals by 87.1% in the 1st quarter. UBS Group AG now owns 54,432 shares of the biopharmaceutical company’s stock valued at $3,777,000 after purchasing an additional 25,346 shares in the last quarter. Institutional investors and hedge funds own 91.86% of the company’s stock.

In other news, EVP Robert Lisicki sold 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 3rd. The stock was sold at an average price of $60.08, for a total transaction of $1,051,400.00. Following the completion of the transaction, the executive vice president now directly owns 33,601 shares of the company’s stock, valued at $2,018,748.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amit Munshi bought 1,000 shares of the stock in a transaction dated Tuesday, August 10th. The shares were bought at an average cost of $52.91 per share, with a total value of $52,910.00. The disclosure for this purchase can be found here. Insiders have acquired 3,000 shares of company stock worth $151,510 in the last 90 days. 2.41% of the stock is currently owned by insiders.

Several brokerages recently issued reports on ARNA. Credit Suisse Group reiterated a “buy” rating and issued a $98.00 price target on shares of Arena Pharmaceuticals in a report on Tuesday, September 28th. JMP Securities reiterated a “buy” rating and issued a $105.00 price target on shares of Arena Pharmaceuticals in a report on Tuesday, September 28th. Cantor Fitzgerald lowered their price target on Arena Pharmaceuticals from $100.00 to $93.00 and set an “overweight” rating for the company in a report on Tuesday, August 10th. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Arena Pharmaceuticals in a research report on Thursday, September 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Arena Pharmaceuticals in a research report on Tuesday, September 28th. One analyst has rated the stock with a sell rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Arena Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $95.13.

Shares of NASDAQ ARNA opened at $62.83 on Thursday. The stock’s 50 day moving average price is $56.48 and its two-hundred day moving average price is $62.19. Arena Pharmaceuticals, Inc. has a 52-week low of $45.50 and a 52-week high of $90.19. The stock has a market capitalization of $3.84 billion, a P/E ratio of -7.69 and a beta of 0.49. The company has a quick ratio of 15.28, a current ratio of 15.28 and a debt-to-equity ratio of 0.04.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, August 4th. The biopharmaceutical company reported ($2.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.20) by ($0.20). On average, analysts anticipate that Arena Pharmaceuticals, Inc. will post -8.83 EPS for the current year.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases.

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Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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