Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have been given an average recommendation of “Buy” by the ten analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $42.80.
A number of research firms have weighed in on ARNA. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Co raised shares of Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 3rd. BidaskClub raised shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 27th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $37.00 price target on shares of Arena Pharmaceuticals in a research note on Monday, September 25th.
Hedge funds have recently modified their holdings of the company. Great West Life Assurance Co. Can raised its stake in shares of Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after acquiring an additional 2,466 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $174,000. B. Riley Financial Inc. purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $204,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $252,000. Finally, Legal & General Group Plc raised its stake in shares of Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock valued at $264,000 after acquiring an additional 3,302 shares during the period. 72.82% of the stock is currently owned by institutional investors and hedge funds.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.66) by $0.01. The company had revenue of $7.95 million for the quarter, compared to the consensus estimate of $5.48 million. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. Arena Pharmaceuticals’s revenue was down 58.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) earnings per share. research analysts anticipate that Arena Pharmaceuticals will post -3.17 earnings per share for the current year.
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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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