Arena Pharmaceuticals (ARNA) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a hold rating in a report published on Saturday morning.

A number of other brokerages have also commented on ARNA. Credit Suisse Group cut their price target on Arena Pharmaceuticals from $58.00 to $56.00 and set an outperform rating on the stock in a research note on Tuesday, August 7th. ValuEngine downgraded Arena Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Tuesday, October 30th. Finally, Cantor Fitzgerald set a $65.00 price objective on Arena Pharmaceuticals and gave the stock a buy rating in a research report on Monday, September 24th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $62.88.

Shares of ARNA stock traded up $0.81 during mid-day trading on Friday, reaching $38.27. 455,927 shares of the stock traded hands, compared to its average volume of 563,578. Arena Pharmaceuticals has a 1-year low of $24.33 and a 1-year high of $50.05. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -14.55 and a beta of 1.89. The company has a current ratio of 28.76, a quick ratio of 28.76 and a debt-to-equity ratio of 0.10.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 6th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.64) by ($0.01). Arena Pharmaceuticals had a negative net margin of 377.94% and a negative return on equity of 25.90%. The firm had revenue of $4.00 million for the quarter, compared to analyst estimates of $3.91 million. During the same period in the previous year, the business posted ($0.77) earnings per share. The business’s revenue for the quarter was up 110.5% compared to the same quarter last year. On average, sell-side analysts predict that Arena Pharmaceuticals will post -2.86 earnings per share for the current fiscal year.

In other news, EVP Steven W. Spector sold 29,005 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $36.01, for a total transaction of $1,044,470.05. Following the completion of the transaction, the executive vice president now directly owns 48,695 shares in the company, valued at $1,753,506.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.92% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its stake in shares of Arena Pharmaceuticals by 248.1% in the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 1,913 shares during the period. Commonwealth Equity Services LLC bought a new position in Arena Pharmaceuticals in the 1st quarter worth about $225,000. Smith Asset Management Group LP bought a new position in Arena Pharmaceuticals in the 2nd quarter worth about $248,000. Xact Kapitalforvaltning AB bought a new position in Arena Pharmaceuticals in the 1st quarter worth about $250,000. Finally, Janus Henderson Group PLC bought a new position in Arena Pharmaceuticals in the 2nd quarter worth about $275,000. 82.17% of the stock is currently owned by institutional investors.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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