Bank of New York Mellon Corp Decreases Holdings in Arena Pharmaceuticals, Inc. (ARNA)

Bank of New York Mellon Corp lessened its holdings in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 88.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,676 shares of the biopharmaceutical company’s stock after selling 1,042,223 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.44% of Arena Pharmaceuticals worth $2,356,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock worth $2,739,000 after purchasing an additional 119,336 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in Arena Pharmaceuticals by 25.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,078,955 shares of the biopharmaceutical company’s stock worth $1,576,000 after purchasing an additional 215,844 shares during the period. Renaissance Technologies LLC boosted its holdings in Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after purchasing an additional 957,190 shares during the period. Credit Suisse AG boosted its holdings in Arena Pharmaceuticals by 35.2% in the first quarter. Credit Suisse AG now owns 395,948 shares of the biopharmaceutical company’s stock worth $577,000 after purchasing an additional 103,167 shares during the period. Finally, Tudor Investment Corp ET AL boosted its holdings 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 worth $206,000 after purchasing an additional 68,966 shares during the period. 46.21% of the stock is owned by hedge funds and other institutional investors.

Arena Pharmaceuticals, Inc. (ARNA) opened at 25.35 on Friday. Arena Pharmaceuticals, Inc. has a one year low of $11.30 and a one year high of $27.86. The firm’s market cap is $994.23 million. The stock’s 50 day moving average is $24.61 and its 200 day moving average is $18.76.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $5.58 million. During the same quarter last year, the company earned ($1.10) earnings per share. The business’s revenue was down 31.8% on a year-over-year basis. On average, equities research analysts expect that Arena Pharmaceuticals, Inc. will post ($2.94) earnings per share for the current year.

A number of equities analysts have commented on the stock. Citigroup Inc. lifted their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, September 25th. BidaskClub downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $36.00.

TRADEMARK VIOLATION WARNING: “Bank of New York Mellon Corp Decreases Holdings in Arena Pharmaceuticals, Inc. (ARNA)” was published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another website, it was illegally stolen and republished in

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock worth $2,739,000 after purchasing an additional 119,336 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in Arena Pharmaceuticals by 25.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,078,955 shares of the biopharmaceutical company’s stock worth $1,576,000 after purchasing an additional 215,844 shares during the period. Renaissance Technologies LLC boosted its holdings in Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after purchasing an additional 957,190 shares during the period. Credit Suisse AG boosted its holdings in Arena Pharmaceuticals by 35.2% in the first quarter. Credit Suisse AG now owns 395,948 shares of the biopharmaceutical company’s stock worth $577,000 after purchasing an additional 103,167 shares during the period. Finally, Tudor Investment Corp ET AL boosted its holdings 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 worth $206,000 after purchasing an additional 68,966 shares during the period. 46.21% of the stock is owned by hedge funds and other institutional investors.

Arena Pharmaceuticals, Inc. (ARNA) opened at 25.35 on Friday. Arena Pharmaceuticals, Inc. has a one year low of $11.30 and a one year high of $27.86. The firm’s market cap is $994.23 million. The stock’s 50 day moving average is $24.61 and its 200 day moving average is $18.76.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $5.58 million. During the same quarter last year, the company earned ($1.10) earnings per share. The business’s revenue was down 31.8% on a year-over-year basis. On average, equities research analysts expect that Arena Pharmaceuticals, Inc. will post ($2.94) earnings per share for the current year.

A number of equities analysts have commented on the stock. Citigroup Inc. lifted their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, September 25th. BidaskClub downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $36.00.

TRADEMARK VIOLATION WARNING: “Bank of New York Mellon Corp Decreases Holdings in Arena Pharmaceuticals, Inc. (ARNA)” was published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another website, it was illegally stolen and republished in violation of United States & international copyright & trademark legislation. The legal version of this piece can be accessed at https://ledgergazette.com/2017/10/14/bank-of-new-york-mellon-corp-decreases-holdings-in-arena-pharmaceuticals-inc-arna.html.

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).

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).

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

Receive News & Ratings for Arena Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply