Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has received a consensus rating of “Buy” from the eleven brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $63.63.
Several equities analysts have recently issued reports on the company. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, February 7th. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Tuesday, January 8th. Cantor Fitzgerald reissued a “buy” rating and issued a $62.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, January 28th. Berenberg Bank assumed coverage on Arena Pharmaceuticals in a report on Thursday, December 13th. They issued a “buy” rating and a $55.00 price objective for the company. Finally, Royal Bank of Canada boosted their price objective on Arena Pharmaceuticals to $70.00 and gave the company an “outperform” rating in a report on Friday, November 16th.
Shares of ARNA stock opened at $48.18 on Tuesday. The stock has a market capitalization of $2.36 billion, a PE ratio of -18.32 and a beta of 1.75. The company has a quick ratio of 26.08, a current ratio of 26.08 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals has a 52-week low of $30.00 and a 52-week high of $50.05.
In related news, CMO Preston Klassen sold 16,000 shares of the company’s stock in a transaction dated Monday, January 7th. The stock was sold at an average price of $41.69, for a total value of $667,040.00. Following the completion of the transaction, the chief marketing officer now owns 16,000 shares of the company’s stock, valued at approximately $667,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven W. Spector sold 1,500 shares of the company’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $46.10, for a total value of $69,150.00. The disclosure for this sale can be found here. Corporate insiders own 1.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARNA. Partner Fund Management L.P. raised its holdings in Arena Pharmaceuticals by 128.1% in the 3rd quarter. Partner Fund Management L.P. now owns 2,729,555 shares of the biopharmaceutical company’s stock worth $125,614,000 after purchasing an additional 1,532,664 shares during the period. Primecap Management Co. CA acquired a new position in Arena Pharmaceuticals in the 3rd quarter worth about $45,486,000. Perceptive Advisors LLC raised its holdings in Arena Pharmaceuticals by 62.4% in the 3rd quarter. Perceptive Advisors LLC now owns 1,366,978 shares of the biopharmaceutical company’s stock worth $62,908,000 after purchasing an additional 525,000 shares during the period. Dimensional Fund Advisors LP acquired a new position in Arena Pharmaceuticals in the 3rd quarter worth about $16,542,000. Finally, Vanguard Group Inc raised its holdings in Arena Pharmaceuticals by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 4,669,780 shares of the biopharmaceutical company’s stock worth $214,903,000 after purchasing an additional 130,019 shares during the period. 80.64% of the stock is owned by institutional investors.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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