Marshall Wace North America L.P. Purchases New Holdings in Arena Pharmaceuticals, Inc. (ARNA)

Marshall Wace North America L.P. bought a new position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 95,888 shares of the biopharmaceutical company’s stock, valued at approximately $1,630,000. Marshall Wace North America L.P. owned about 0.30% of Arena Pharmaceuticals at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock valued at $141,000 after purchasing an additional 48,667 shares during the last quarter. Strs Ohio purchased a new position in Arena Pharmaceuticals in the second quarter valued at about $156,000. Tudor Investment Corp ET AL grew its stake in Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock valued at $206,000 after purchasing an additional 68,966 shares during the last quarter. American International Group Inc. grew its stake in Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 9,959 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in Arena Pharmaceuticals by 11.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 172,165 shares of the biopharmaceutical company’s stock valued at $251,000 after purchasing an additional 17,565 shares during the last quarter. Institutional investors and hedge funds own 46.21% of the company’s stock.

Arena Pharmaceuticals, Inc. (ARNA) opened at 24.23 on Wednesday. Arena Pharmaceuticals, Inc. has a 52 week low of $11.30 and a 52 week high of $27.86. The firm’s market capitalization is $950.30 million. The stock’s 50 day moving average price is $22.54 and its 200 day moving average price is $17.03.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.03). Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company had revenue of $6.49 million during the quarter, compared to analysts’ expectations of $5.58 million. During the same quarter last year, the business posted ($1.10) earnings per share. The company’s revenue for the quarter was down 31.8% compared to the same quarter last year. On average, equities analysts expect that Arena Pharmaceuticals, Inc. will post ($2.94) EPS for the current year.

Several equities analysts have issued reports on ARNA shares. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th. Leerink Swann boosted their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a report on Tuesday, July 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $37.00 target price on shares of Arena Pharmaceuticals in a report on Friday, June 30th. Finally, JMP Securities raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $27.00 target price for the company in a report on Friday, July 7th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $36.00.

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About Arena Pharmaceuticals

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).

Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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