Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, BidAskClub reports.
ARNA has been the topic of several other reports. Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Royal Bank of Canada restated a “buy” rating and issued a $79.00 target price on shares of Arena Pharmaceuticals in a research report on Sunday, August 11th. ValuEngine cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Cantor Fitzgerald restated a “buy” rating on shares of Arena Pharmaceuticals in a research report on Wednesday, May 8th. Finally, TheStreet cut Arena Pharmaceuticals from a “b” rating to a “c+” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Arena Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $63.67.
ARNA opened at $55.04 on Wednesday. Arena Pharmaceuticals has a 12 month low of $31.97 and a 12 month high of $64.48. The company has a debt-to-equity ratio of 0.04, a current ratio of 36.51 and a quick ratio of 36.51. The stock has a market cap of $2.84 billion, a P/E ratio of 6.10 and a beta of 1.42. The stock’s 50 day moving average price is $59.73 and its 200 day moving average price is $52.63.
In other news, Director Jayson Donald Alexander Dallas sold 1,525 shares of Arena Pharmaceuticals stock in a transaction on Friday, June 14th. The stock was sold at an average price of $55.90, for a total transaction of $85,247.50. Following the transaction, the director now directly owns 5,704 shares in the company, valued at approximately $318,853.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.73% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of ARNA. Stonebridge Capital Advisors LLC acquired a new position in shares of Arena Pharmaceuticals during the 2nd quarter valued at $27,000. Capital Investment Advisory Services LLC acquired a new position in shares of Arena Pharmaceuticals in the 2nd quarter worth $44,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Arena Pharmaceuticals by 27.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 887 shares of the biopharmaceutical company’s stock worth $52,000 after acquiring an additional 193 shares during the last quarter. Strs Ohio grew its holdings in shares of Arena Pharmaceuticals by 160.0% in the 1st quarter. Strs Ohio now owns 1,300 shares of the biopharmaceutical company’s stock worth $58,000 after acquiring an additional 800 shares during the last quarter. Finally, Quantamental Technologies LLC grew its holdings in shares of Arena Pharmaceuticals by 119.0% in the 1st quarter. Quantamental Technologies LLC now owns 1,404 shares of the biopharmaceutical company’s stock worth $63,000 after acquiring an additional 763 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.
Arena Pharmaceuticals Company Profile
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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