Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have earned an average recommendation of “Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $62.88.
A number of analysts have commented on the stock. ValuEngine upgraded shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Cantor Fitzgerald set a $65.00 price target on shares of Arena Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, September 24th. BidaskClub upgraded shares of Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 19th. Finally, Credit Suisse Group dropped their target price on shares of Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, August 7th.
Shares of ARNA stock traded down $0.87 during midday trading on Friday, reaching $36.32. 18,704 shares of the company were exchanged, compared to its average volume of 483,125. Arena Pharmaceuticals has a 12 month low of $24.84 and a 12 month high of $50.05. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -13.79 and a beta of 1.89. 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 quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.04. Arena Pharmaceuticals had a negative net margin of 377.94% and a negative return on equity of 25.90%. The company had revenue of $3.57 million for the quarter, compared to the consensus estimate of $2.29 million. During the same period in the previous year, the firm earned ($0.93) EPS. Arena Pharmaceuticals’s revenue was up 47.5% on a year-over-year basis. On average, equities research analysts predict that Arena Pharmaceuticals will post -2.86 earnings per share for the current year.
In related news, EVP Steven W. Spector sold 29,005 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $36.01, for a total value of $1,044,470.05. Following the sale, the executive vice president now directly owns 48,695 shares in the company, valued at approximately $1,753,506.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.92% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in ARNA. Meeder Asset Management Inc. increased its position in shares of Arena Pharmaceuticals by 248.1% in the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock worth $117,000 after acquiring an additional 1,913 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in shares of Arena Pharmaceuticals in the first quarter worth approximately $225,000. Smith Asset Management Group LP purchased a new position in shares of Arena Pharmaceuticals in the second quarter worth approximately $248,000. Xact Kapitalforvaltning AB purchased a new position in shares of Arena Pharmaceuticals in the first quarter worth approximately $250,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Arena Pharmaceuticals in the second quarter worth approximately $275,000. 82.21% of the stock is currently owned by institutional investors and hedge funds.
About Arena Pharmaceuticals
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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