Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “market perform” rating reissued by Wells Fargo & Company in a research note issued on Wednesday. They presently have a $19.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $15.00. Wells Fargo & Company’s price objective points to a potential downside of 26.92% from the stock’s current price.
Other equities research analysts also recently issued reports about the company. ValuEngine raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Leerink Swann increased their price objective on Arena Pharmaceuticals from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. Citigroup Inc. increased their price objective on Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday. BidaskClub raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Finally, Zacks Investment Research downgraded Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Arena Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $36.00.
Arena Pharmaceuticals (NASDAQ:ARNA) opened at 25.34 on Wednesday. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $25.61. The firm’s market cap is $804.37 million. The company has a 50-day moving average of $13.76 and a 200 day moving average of $14.27.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.82) by $0.08. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The company had revenue of $6.60 million for the quarter, compared to analysts’ expectations of $4.84 million. During the same period in the prior year, the company earned ($0.90) earnings per share. The company’s revenue for the quarter was down 33.0% on a year-over-year basis. On average, equities analysts predict that Arena Pharmaceuticals will post ($3.14) earnings per share for the current year.
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In other news, insider Amit Munshi purchased 25,000 shares of the business’s stock in a transaction dated Friday, May 12th. The stock was bought at an average cost of $1.19 per share, with a total value of $29,750.00. Following the purchase, the insider now directly owns 76,875 shares of the company’s stock, valued at $91,481.25. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.88% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of ARNA. Tudor Investment Corp Et Al raised its position in shares of Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 48,181 shares in the last quarter. Bank of America Corp DE raised its position in shares of Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock worth $141,000 after buying an additional 48,667 shares in the last quarter. Tudor Investment Corp ET AL raised its position in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock worth $206,000 after buying an additional 68,966 shares in the last quarter. American International Group Inc. raised its position in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 9,959 shares in the last quarter. Finally, A.R.T. Advisors LLC raised its position in shares of Arena Pharmaceuticals by 485.3% in the fourth quarter. A.R.T. Advisors LLC now owns 155,100 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 128,600 shares in the last quarter.
Arena Pharmaceuticals Company Profile
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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