Arena Pharmaceuticals (NASDAQ:ARNA) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
Several other research analysts have also issued reports on the company. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, March 26th. Citigroup reiterated a “buy” rating and set a $62.00 price objective on shares of Arena Pharmaceuticals in a research note on Wednesday, March 21st. JMP Securities increased their price objective on Arena Pharmaceuticals from $63.00 to $79.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 20th. Wells Fargo decreased their target price on Arena Pharmaceuticals from $53.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, March 20th. Finally, Needham & Company LLC upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $30.89 to $60.00 in a report on Tuesday, March 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $53.13.
Arena Pharmaceuticals stock opened at $34.30 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.89 and a quick ratio of 3.89. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $45.85. The firm has a market cap of $1,704.81, a price-to-earnings ratio of -13.04 and a beta of 1.48.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.30. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The firm had revenue of $15.40 million during the quarter, compared to analyst estimates of $5.75 million. During the same period in the prior year, the company posted $1.60 earnings per share. The business’s revenue for the quarter was down 77.8% compared to the same quarter last year. equities analysts anticipate that Arena Pharmaceuticals will post -2.74 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Bailard Inc. bought a new stake in shares of Arena Pharmaceuticals during the fourth quarter worth $2,752,000. American Century Companies Inc. grew its holdings in shares of Arena Pharmaceuticals by 38.6% during the fourth quarter. American Century Companies Inc. now owns 90,102 shares of the biopharmaceutical company’s stock worth $3,061,000 after purchasing an additional 25,108 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Arena Pharmaceuticals by 7.3% during the fourth quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock worth $13,742,000 after purchasing an additional 27,348 shares during the last quarter. Nationwide Fund Advisors grew its holdings in shares of Arena Pharmaceuticals by 109.0% during the third quarter. Nationwide Fund Advisors now owns 38,751 shares of the biopharmaceutical company’s stock worth $988,000 after purchasing an additional 20,209 shares during the last quarter. Finally, X Square Capital LLC bought a new stake in shares of Arena Pharmaceuticals during the fourth quarter worth $1,099,000. Institutional investors own 60.24% of the company’s stock.
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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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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