BidaskClub lowered shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a hold rating to a sell rating in a research note released on Tuesday, March 20th.
Several other equities analysts have also recently weighed in on ARNA. Wells Fargo raised Arena Pharmaceuticals from a market perform rating to an outperform rating in a report on Wednesday, January 3rd. Zacks Investment Research cut Arena Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, January 10th. Cantor Fitzgerald reaffirmed a buy rating and issued a $45.00 price objective on shares of Arena Pharmaceuticals in a report on Wednesday, January 17th. Leerink Swann reaffirmed a positive rating and issued a $56.00 price objective (up from $53.00) on shares of Arena Pharmaceuticals in a report on Wednesday, January 17th. Finally, Credit Suisse Group initiated coverage on Arena Pharmaceuticals in a report on Wednesday, January 17th. They issued an outperform rating and a $44.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Arena Pharmaceuticals currently has an average rating of Buy and a consensus target price of $53.13.
NASDAQ ARNA traded down $0.87 during midday trading on Tuesday, hitting $35.33. The company had a trading volume of 986,140 shares, compared to its average volume of 1,261,671. The stock has a market capitalization of $1,723.45, a PE ratio of -13.43 and a beta of 1.49. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.89 and a quick ratio of 3.89. Arena Pharmaceuticals has a twelve month low of $11.30 and a twelve month high of $45.85.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.65) by $0.30. The firm had revenue of $15.40 million during the quarter, compared to analysts’ expectations of $5.75 million. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The company’s quarterly revenue was down 77.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.60 EPS. equities analysts expect that Arena Pharmaceuticals will post -2.74 EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $9,973,000. Bailard Inc. bought a new stake in Arena Pharmaceuticals during the 4th quarter worth $2,752,000. American Century Companies Inc. grew its position in Arena Pharmaceuticals by 38.6% during the 4th quarter. American Century Companies Inc. now owns 90,102 shares of the biopharmaceutical company’s stock worth $3,061,000 after acquiring an additional 25,108 shares during the last quarter. Nationwide Fund Advisors grew its position in Arena Pharmaceuticals by 109.0% during the 3rd quarter. Nationwide Fund Advisors now owns 38,751 shares of the biopharmaceutical company’s stock worth $988,000 after acquiring an additional 20,209 shares during the last quarter. Finally, Swiss National Bank grew its position in Arena Pharmaceuticals by 30.3% during the 3rd quarter. Swiss National Bank now owns 63,630 shares of the biopharmaceutical company’s stock worth $1,623,000 after acquiring an additional 14,800 shares during the last quarter. Institutional investors own 60.24% 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).
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