Commonwealth Equity Services LLC acquired a new position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,707 shares of the biopharmaceutical company’s stock, valued at approximately $225,000.
Several other institutional investors and hedge funds also recently modified their holdings of ARNA. Principal Financial Group Inc. grew its stake in Arena Pharmaceuticals by 5.4% during the first quarter. Principal Financial Group Inc. now owns 30,235 shares of the biopharmaceutical company’s stock worth $1,194,000 after purchasing an additional 1,543 shares during the period. Knott David M grew its stake in Arena Pharmaceuticals by 29.9% during the first quarter. Knott David M now owns 26,042 shares of the biopharmaceutical company’s stock worth $1,029,000 after purchasing an additional 6,000 shares during the period. Delpha Capital Management LLC acquired a new stake in Arena Pharmaceuticals during the first quarter worth approximately $264,000. Quantbot Technologies LP grew its stake in Arena Pharmaceuticals by 191.5% during the first quarter. Quantbot Technologies LP now owns 3,918 shares of the biopharmaceutical company’s stock worth $154,000 after purchasing an additional 2,574 shares during the period. Finally, California Public Employees Retirement System grew its stake in Arena Pharmaceuticals by 12.8% during the first quarter. California Public Employees Retirement System now owns 57,972 shares of the biopharmaceutical company’s stock worth $2,290,000 after purchasing an additional 6,572 shares during the period. Institutional investors own 78.23% of the company’s stock.
A number of equities research analysts have commented on ARNA shares. JMP Securities raised their price objective on Arena Pharmaceuticals from $63.00 to $79.00 and gave the company an “outperform” rating in a research note on Tuesday, March 20th. Wells Fargo & Co reduced their price objective on Arena Pharmaceuticals from $53.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday, March 20th. ValuEngine cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, April 17th. BidaskClub cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, May 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Arena Pharmaceuticals in a research report on Wednesday, March 14th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $58.88.
Shares of Arena Pharmaceuticals opened at $44.79 on Friday, MarketBeat Ratings reports. The firm has a market cap of $2.20 billion, a P/E ratio of -17.03 and a beta of 1.46. Arena Pharmaceuticals, Inc. has a 12 month low of $18.26 and a 12 month high of $50.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.28 and a current ratio of 15.28.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Tuesday, May 8th. The biopharmaceutical company reported ($0.80) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.68) by ($0.12). The business had revenue of $1.76 million for the quarter, compared to the consensus estimate of $4.02 million. Arena Pharmaceuticals had a negative return on equity of 34.08% and a negative net margin of 321.04%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.90) earnings per share. research analysts anticipate that Arena Pharmaceuticals, Inc. will post -2.83 EPS for the current year.
In related news, EVP Steven W. Spector sold 30,001 shares of Arena Pharmaceuticals stock in a transaction on Monday, April 16th. The stock was 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 in the company, valued at $1,199,267.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.92% of the company’s stock.
Arena Pharmaceuticals 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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