Arena Pharmaceuticals, Inc. (ARNA) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 90.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,700 shares of the biopharmaceutical company’s stock after selling 447,300 shares during the period. California Public Employees Retirement System owned 0.16% of Arena Pharmaceuticals worth $838,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Arena Pharmaceuticals by 6.8% during the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock valued at $2,739,000 after buying an additional 119,336 shares during the period. Marshall Wace North America L.P. purchased a new position in shares of Arena Pharmaceuticals during the second quarter valued at approximately $1,630,000. Schwab Charles Investment Management Inc. increased its stake in shares of Arena Pharmaceuticals by 25.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,078,955 shares of the biopharmaceutical company’s stock valued at $1,576,000 after buying an additional 215,844 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Arena Pharmaceuticals by 0.9% during the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock valued at $1,725,000 after buying an additional 10,446 shares during the period. Finally, Credit Suisse AG increased its stake in shares of Arena Pharmaceuticals by 35.2% during the first quarter. Credit Suisse AG now owns 395,948 shares of the biopharmaceutical company’s stock valued at $577,000 after buying an additional 103,167 shares during the period. 49.69% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ ARNA) opened at $25.49 on Wednesday. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. Arena Pharmaceuticals, Inc. has a 1 year low of $11.30 and a 1 year high of $28.97.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The company had revenue of $7.95 million for the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the company posted ($0.05) earnings per share. The firm’s revenue was down 58.6% on a year-over-year basis. equities analysts predict that Arena Pharmaceuticals, Inc. will post -3 earnings per share for the current year.

Several equities analysts have recently issued reports on ARNA shares. BidaskClub cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a research report on Tuesday, August 8th. Finally, Cantor Fitzgerald restated a “buy” rating and set a $37.00 price target on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $36.00.

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About Arena Pharmaceuticals

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).

Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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