Arena Pharmaceuticals, Inc. (ARNA) Stock Price Down 0%

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares traded down 0% during mid-day trading on Wednesday . The stock traded as low as $24.33 and last traded at $25.97. 1,445,145 shares changed hands during trading, an increase of 218% from the average session volume of 455,071 shares. The stock had previously closed at $25.97.

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

The company has a current ratio of 3.21, a quick ratio of 3.06 and a debt-to-equity ratio of 0.72.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.01. The firm had revenue of $7.95 million during the quarter, compared to analyst estimates of $5.48 million. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. Arena Pharmaceuticals’s quarterly revenue was down 58.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. equities analysts anticipate that Arena Pharmaceuticals, Inc. will post -2.91 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock valued at $29,063,000 after purchasing an additional 910,434 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock valued at $12,380,000 after purchasing an additional 957,190 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 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 valued at $2,739,000 after purchasing an additional 119,336 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Arena Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock valued at $1,725,000 after purchasing an additional 10,446 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of 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 valued at $1,576,000 after purchasing an additional 215,844 shares during the period. Hedge funds and other institutional investors own 49.26% 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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