Investment analysts at HC Wainwright started coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research report issued to clients and investors on Monday, Marketbeat reports. The firm set a “buy” rating and a $90.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 42.97% from the company’s previous close.
Several other research firms have also recently weighed in on ARNA. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price on shares of Arena Pharmaceuticals in a research note on Tuesday, April 14th. Cantor Fitzgerald reissued a “buy” rating and set a $68.00 price objective (up previously from $56.00) on shares of Arena Pharmaceuticals in a report on Friday, May 8th. Credit Suisse Group upped their target price on Arena Pharmaceuticals from $77.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group initiated coverage on Arena Pharmaceuticals in a research report on Monday, May 18th. They issued a “buy” rating and a $62.00 target price for the company. Finally, Bank of America raised shares of Arena Pharmaceuticals from a “neutral” rating to a “buy” rating and boosted their price target for the company from $47.00 to $56.00 in a report on Thursday, March 26th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $71.80.
Shares of ARNA stock opened at $62.95 on Monday. Arena Pharmaceuticals has a 12 month low of $32.95 and a 12 month high of $69.75. The company has a quick ratio of 18.67, a current ratio of 18.67 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.16 billion, a PE ratio of -9.74 and a beta of 1.39. The stock has a 50 day moving average of $60.00 and a 200-day moving average of $50.06.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($2.00) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($2.28) by $0.28. Arena Pharmaceuticals had a negative net margin of 5,727.22% and a negative return on equity of 29.30%. The business had revenue of $0.26 million for the quarter, compared to analyst estimates of $1.58 million. During the same quarter in the previous year, the firm posted $12.10 earnings per share. Arena Pharmaceuticals’s revenue was down 100.0% compared to the same quarter last year. As a group, equities analysts predict that Arena Pharmaceuticals will post -8.78 EPS for the current fiscal year.
In other news, Director Manmeet Singh Soni sold 1,327 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $60.12, for a total value of $79,779.24. Following the completion of the sale, the director now directly owns 7,533 shares in the company, valued at $452,883.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Amit Munshi sold 50,000 shares of Arena Pharmaceuticals stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the transaction, the chief executive officer now directly owns 57,750 shares of the company’s stock, valued at $3,753,750. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,431 shares of company stock valued at $6,996,428. Company insiders own 3.05% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of ARNA. Tower Research Capital LLC TRC raised its stake in shares of Arena Pharmaceuticals by 84,500.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 846 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 845 shares during the last quarter. Aviva PLC acquired a new stake in shares of Arena Pharmaceuticals in the fourth quarter valued at approximately $1,855,000. Quantbot Technologies LP raised its position in Arena Pharmaceuticals by 35.8% in the 4th quarter. Quantbot Technologies LP now owns 815 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 215 shares during the last quarter. Martingale Asset Management L P lifted its holdings in Arena Pharmaceuticals by 11.2% during the 4th quarter. Martingale Asset Management L P now owns 29,715 shares of the biopharmaceutical company’s stock worth $1,350,000 after buying an additional 3,002 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Arena Pharmaceuticals by 125.8% during the 4th quarter. Barclays PLC now owns 112,756 shares of the biopharmaceutical company’s stock worth $5,121,000 after buying an additional 62,828 shares in the last quarter. Hedge funds and other institutional investors own 88.04% of the company’s stock.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.
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