Arena Pharmaceuticals (ARNA) Trading Up 12.8%

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) were up 12.8% during mid-day trading on Tuesday . The company traded as high as $55.00 and last traded at $54.85. Approximately 1,051,056 shares changed hands during trading, an increase of 118% from the average daily volume of 481,973 shares. The stock had previously closed at $48.63.

A number of analysts recently issued reports on ARNA shares. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Cantor Fitzgerald reissued a “buy” rating on shares of Arena Pharmaceuticals in a research note on Wednesday, May 8th. TheStreet raised Arena Pharmaceuticals from a “d” rating to a “c” rating in a research note on Monday, April 1st. Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, ValuEngine cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $62.17.

The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -19.38 and a beta of 1.75. The company has a current ratio of 35.51, a quick ratio of 35.51 and a debt-to-equity ratio of 0.04.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $12.10 earnings per share for the quarter, topping the consensus estimate of ($0.81) by $12.91. The company had revenue of $801.06 million during the quarter, compared to analysts’ expectations of $801.82 million. Arena Pharmaceuticals had a net margin of 76.19% and a return on equity of 69.72%. The business’s quarterly revenue was up 45414.8% on a year-over-year basis. During the same period last year, the business earned ($0.80) EPS. On average, equities analysts predict that Arena Pharmaceuticals, Inc. will post 9.31 EPS for the current year.

In related news, Director Tina Susan Nova sold 1,200 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $45.99, for a total value of $55,188.00. Following the completion of the transaction, the director now directly owns 12,676 shares of the company’s stock, valued at $582,969.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.92% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. Advisor Group Inc. lifted its holdings in Arena Pharmaceuticals by 6.3% during the 4th quarter. Advisor Group Inc. now owns 4,995 shares of the biopharmaceutical company’s stock valued at $194,000 after purchasing an additional 295 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Arena Pharmaceuticals by 5.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 6,182 shares of the biopharmaceutical company’s stock valued at $277,000 after purchasing an additional 330 shares during the last quarter. 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 purchasing an additional 360 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Arena Pharmaceuticals by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 13,898 shares of the biopharmaceutical company’s stock valued at $623,000 after purchasing an additional 387 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Arena Pharmaceuticals by 14.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock valued at $138,000 after purchasing an additional 453 shares during the last quarter. 84.65% of the stock is owned by institutional investors and hedge funds.

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About Arena Pharmaceuticals (NASDAQ:ARNA)

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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