Diversified Trust Co trimmed its position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 11.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,207 shares of the biopharmaceutical company’s stock after selling 697 shares during the period. Diversified Trust Co’s holdings in Arena Pharmaceuticals were worth $389,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in ARNA. Rockefeller Capital Management L.P. grew its stake in Arena Pharmaceuticals by 333.3% during the second quarter. Rockefeller Capital Management L.P. now owns 650 shares of the biopharmaceutical company’s stock worth $41,000 after buying an additional 500 shares in the last quarter. First Mercantile Trust Co. acquired a new stake in Arena Pharmaceuticals during the second quarter worth about $73,000. Ellis Investment Partners LLC acquired a new stake in Arena Pharmaceuticals during the second quarter worth about $78,000. Carroll Financial Associates Inc. acquired a new stake in Arena Pharmaceuticals during the third quarter worth about $78,000. Finally, Advisor Group Holdings Inc. acquired a new stake in Arena Pharmaceuticals during the first quarter worth about $117,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.
Shares of NASDAQ ARNA opened at $80.92 on Friday. The company has a 50 day simple moving average of $72.37 and a 200 day simple moving average of $61.91. The firm has a market cap of $4.66 billion, a PE ratio of -11.85 and a beta of 1.13. Arena Pharmaceuticals, Inc. has a 1 year low of $32.95 and a 1 year high of $86.58. The company has a debt-to-equity ratio of 0.04, a current ratio of 28.75 and a quick ratio of 28.75.
In other Arena Pharmaceuticals news, EVP Robert Lisicki sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $63.34, for a total transaction of $1,900,200.00. Following the completion of the transaction, the executive vice president now owns 30,000 shares in the company, valued at approximately $1,900,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Amit Munshi sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $70.10, for a total transaction of $3,505,000.00. Following the transaction, the chief executive officer now owns 57,750 shares of the company’s stock, valued at approximately $4,048,275. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,300 shares of company stock valued at $10,080,562. Company insiders own 3.05% of the company’s stock.
ARNA has been the subject of a number of research reports. SVB Leerink increased their target price on shares of Arena Pharmaceuticals from $73.00 to $91.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. initiated coverage on shares of Arena Pharmaceuticals in a report on Monday, September 14th. They issued an “overweight” rating for the company. BidaskClub raised shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 9th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 target price on shares of Arena Pharmaceuticals in a report on Thursday, August 6th. Finally, Wells Fargo & Company increased their target price on shares of Arena Pharmaceuticals from $60.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $84.46.
Arena Pharmaceuticals 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.
Read More: What is intrinsic value?
Want to see what other hedge funds are holding ARNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arena Pharmaceuticals, Inc. (NASDAQ:ARNA).
Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.