TheStreet upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a c rating to a b rating in a research report sent to investors on Friday, May 31st, TheStreetRatingsTable reports.
A number of other equities research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Arena Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, May 15th. ValuEngine downgraded shares of Arena Pharmaceuticals from a buy rating to a hold rating in a research report on Friday, May 10th. BidaskClub upgraded shares of Arena Pharmaceuticals from a hold rating to a buy rating in a research report on Thursday, May 9th. Cantor Fitzgerald restated a buy rating and set a $62.00 price objective on shares of Arena Pharmaceuticals in a research report on Tuesday, February 26th. Finally, Credit Suisse Group raised their target price on shares of Arena Pharmaceuticals from $63.00 to $77.00 and gave the company an outperform rating in a research note on Wednesday, April 3rd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $62.17.
NASDAQ ARNA traded up $0.22 on Friday, hitting $56.23. 282,736 shares of the company’s stock were exchanged, compared to its average volume of 502,497. The company has a market cap of $2.80 billion, a PE ratio of -19.06 and a beta of 1.46. The company has a current ratio of 35.51, a quick ratio of 35.51 and a debt-to-equity ratio of 0.04. Arena Pharmaceuticals has a 52 week low of $31.97 and a 52 week high of $59.13. The business has a 50-day moving average price of $54.85.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $12.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $12.91. The company had revenue of $801.06 million during the quarter, compared to analyst estimates of $801.82 million. Arena Pharmaceuticals had a net margin of 76.19% and a return on equity of 69.72%. The firm’s quarterly revenue was up 45414.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.80) earnings per share. On average, equities research analysts anticipate that Arena Pharmaceuticals will post 9.05 EPS for the current year.
In other Arena Pharmaceuticals news, Director Jayson Donald Alexander Dallas sold 1,525 shares of Arena Pharmaceuticals stock in a transaction on Friday, June 14th. The shares were sold at an average price of $55.90, for a total value of $85,247.50. Following the completion of the transaction, the director now directly owns 5,704 shares of the company’s stock, valued at approximately $318,853.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.73% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ARNA. Bank of Montreal Can lifted its holdings in shares of Arena Pharmaceuticals by 105.0% in the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Arena Pharmaceuticals by 14.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock valued at $138,000 after buying an additional 453 shares in the last quarter. Quantamental Technologies LLC bought a new stake in Arena Pharmaceuticals during the 4th quarter valued at about $25,000. Xact Kapitalforvaltning AB lifted its holdings in Arena Pharmaceuticals by 21.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 8,930 shares of the biopharmaceutical company’s stock valued at $348,000 after buying an additional 1,600 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Arena Pharmaceuticals by 45.8% during the 4th quarter. Rhumbline Advisers now owns 67,489 shares of the biopharmaceutical company’s stock valued at $2,629,000 after buying an additional 21,203 shares in the last quarter. Hedge funds and other institutional investors own 83.16% of the company’s stock.
About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.
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