Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have been assigned an average recommendation of “Buy” from the ten analysts that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $36.00.
A number of research analysts have issued reports on ARNA shares. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price target on shares of Arena Pharmaceuticals in a report on Monday, September 25th. BidaskClub raised shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 2nd.
Several institutional investors have recently modified their holdings of ARNA. Vanguard Group Inc. raised its holdings in shares of Arena Pharmaceuticals by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after purchasing an additional 910,434 shares during the last quarter. Balyasny Asset Management LLC purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth $12,183,000. Pictet Asset Management Ltd. purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth $13,656,000. Point72 Asset Management L.P. purchased a new position in shares of Arena Pharmaceuticals during the third quarter worth $9,973,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Arena Pharmaceuticals by 16,992.7% during the second quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock worth $5,361,000 after purchasing an additional 315,895 shares during the last quarter. 72.85% of the stock is owned by hedge funds and other institutional investors.
Arena Pharmaceuticals (ARNA) opened at $30.82 on Thursday. Arena Pharmaceuticals has a fifty-two week low of $11.30 and a fifty-two week high of $32.18. 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 (NASDAQ:ARNA) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.66) by $0.01. The business had revenue of $7.95 million during the quarter, compared to analysts’ expectations of $5.48 million. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The business’s quarterly revenue was down 58.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) earnings per share. equities analysts expect that Arena Pharmaceuticals will post -3.17 EPS for the current fiscal year.
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Arena Pharmaceuticals Company Profile
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).
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