Arena Pharmaceuticals (ARNA) Raised to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday.

A number of other research firms have also commented on ARNA. Cantor Fitzgerald restated a buy rating and issued a $37.00 price target on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. Needham & Company LLC restated a hold rating on shares of Arena Pharmaceuticals in a research report on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Arena Pharmaceuticals presently has an average rating of Buy and a consensus target price of $36.00.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at $29.62 on Friday. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $31.75.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The business had revenue of $7.95 million for the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the business earned ($0.05) EPS. The firm’s revenue was down 58.6% on a year-over-year basis. analysts forecast that Arena Pharmaceuticals will post -3 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Great West Life Assurance Co. Can lifted its position in shares of Arena Pharmaceuticals by 128.2% during the third quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 2,466 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Arena Pharmaceuticals by 46.8% during the third quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 3,302 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Arena Pharmaceuticals by 12.9% during the third quarter. Rhumbline Advisers now owns 40,771 shares of the biopharmaceutical company’s stock worth $1,040,000 after purchasing an additional 4,657 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Arena Pharmaceuticals by 10.8% during the third quarter. California State Teachers Retirement System now owns 62,932 shares of the biopharmaceutical company’s stock worth $1,605,000 after purchasing an additional 6,136 shares in the last quarter. Finally, American International Group Inc. lifted its position in shares of Arena Pharmaceuticals by 31.2% during the third quarter. American International Group Inc. now owns 26,081 shares of the biopharmaceutical company’s stock worth $665,000 after purchasing an additional 6,208 shares in the last quarter. Institutional investors own 72.85% of the company’s stock.

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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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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