TheStreet upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a c rating to a b rating in a research note released on Friday, May 31st, TheStreetRatingsTable reports.
A number of other equities research analysts also recently issued reports on ARNA. Zacks Investment Research downgraded Arena Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, May 15th. ValuEngine downgraded Arena Pharmaceuticals from a buy rating to a hold rating in a research note on Friday, May 10th. BidaskClub raised shares of Arena Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, May 9th. Cantor Fitzgerald reiterated a buy rating and issued a $62.00 price objective on shares of Arena Pharmaceuticals in a research note on Tuesday, February 26th. Finally, Credit Suisse Group lifted their price objective 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 equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $62.17.
NASDAQ ARNA traded up $0.22 during trading on Friday, reaching $56.23. 282,736 shares of the company’s stock were exchanged, compared to its average volume of 502,497. The firm’s 50 day simple moving average is $54.85. The firm has a market capitalization of $2.80 billion, a PE ratio of -19.06 and a beta of 1.46. The company has a quick ratio of 35.51, a current ratio of 35.51 and a debt-to-equity ratio of 0.04. Arena Pharmaceuticals has a fifty-two week low of $31.97 and a fifty-two week high of $59.13.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $12.10 EPS for the quarter, beating the consensus estimate of ($0.81) by $12.91. Arena Pharmaceuticals had a return on equity of 69.72% and a net margin of 76.19%. The company had revenue of $801.06 million for the quarter, compared to the consensus estimate of $801.82 million. During the same quarter in the prior year, the business earned ($0.80) earnings per share. The firm’s revenue for the quarter was up 45414.8% on a year-over-year basis. On average, analysts forecast that Arena Pharmaceuticals will post 9.05 earnings per share for the current year.
In other 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 transaction of $85,247.50. Following the completion of the sale, the director now directly owns 5,704 shares of the company’s stock, valued at approximately $318,853.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.73% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quantamental Technologies LLC purchased a new stake in shares of Arena Pharmaceuticals during the fourth quarter valued at approximately $25,000. Bank of Montreal Can lifted its holdings in Arena Pharmaceuticals by 105.0% during the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 360 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Arena Pharmaceuticals during the 4th quarter valued at about $31,000. Strs Ohio lifted its holdings in Arena Pharmaceuticals by 160.0% during the 1st quarter. Strs Ohio now owns 1,300 shares of the biopharmaceutical company’s stock valued at $58,000 after buying an additional 800 shares in the last quarter. Finally, Legacy Bridge LLC bought a new stake in Arena Pharmaceuticals during the 1st quarter valued at about $67,000. Institutional investors and hedge funds 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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