Arena Pharmaceuticals (NASDAQ:ARNA) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
Several other equities analysts have also recently issued reports on the company. ValuEngine cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Needham & Company LLC reissued a “hold” rating on shares of Arena Pharmaceuticals in a report on Wednesday, March 14th. Zacks Investment Research upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, March 9th. Citigroup lifted their price target on Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, JMP Securities lifted their price target on Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. Arena Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $52.25.
Arena Pharmaceuticals (NASDAQ ARNA) opened at $44.00 on Tuesday. The stock has a market capitalization of $1,566.22, a PE ratio of -15.28 and a beta of 1.51. The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 0.28. Arena Pharmaceuticals has a fifty-two week low of $11.30 and a fifty-two week high of $45.85.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.65) by $0.30. The business had revenue of $15.40 million during the quarter, compared to analysts’ expectations of $5.75 million. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The company’s revenue for the quarter was down 77.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 EPS. sell-side analysts expect that Arena Pharmaceuticals will post -2.73 earnings per share for the current year.
Institutional investors have recently made changes to their positions in the stock. Great West Life Assurance Co. Can increased its stake in shares of Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after purchasing an additional 2,466 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at about $174,000. B. Riley Financial Inc. purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at about $204,000. State Board of Administration of Florida Retirement System purchased a new stake in Arena Pharmaceuticals during the 3rd quarter worth approximately $252,000. Finally, Legal & General Group Plc increased its stake in Arena Pharmaceuticals by 46.8% during the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after buying an additional 3,302 shares in the last quarter. Hedge funds and other institutional investors own 73.31% 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).
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