Arena Pharmaceuticals (NASDAQ:ARNA) Downgraded to Hold at BidaskClub

Arena Pharmaceuticals (NASDAQ:ARNA) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday, BidAskClub reports.

ARNA has been the topic of a number of other research reports. TheStreet raised shares of Arena Pharmaceuticals from a “d” rating to a “c” rating in a research note on Monday, April 1st. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Arena Pharmaceuticals in a research note on Wednesday, May 8th. Credit Suisse Group boosted their target price on shares of Arena Pharmaceuticals from $63.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. Zacks Investment Research cut shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, ValuEngine cut shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $62.17.

NASDAQ ARNA opened at $57.81 on Tuesday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -19.60 and a beta of 1.45. Arena Pharmaceuticals has a fifty-two week low of $31.97 and a fifty-two week high of $59.13. The company has a current ratio of 35.51, a quick ratio of 35.51 and a debt-to-equity ratio of 0.04.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $12.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $12.91. The firm had revenue of $801.06 million for the quarter, compared to analysts’ expectations of $801.82 million. Arena Pharmaceuticals had a net margin of 76.19% and a return on equity of 69.72%. The company’s revenue was up 45414.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.80) earnings per share. As a group, sell-side analysts predict that Arena Pharmaceuticals will post 9.05 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the stock. Bank of Montreal Can grew its position in Arena Pharmaceuticals by 105.0% during the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Arena Pharmaceuticals by 14.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock worth $138,000 after acquiring an additional 453 shares during the last quarter. Quantamental Technologies LLC bought a new stake in Arena Pharmaceuticals during the 4th quarter worth approximately $25,000. Xact Kapitalforvaltning AB grew its position in Arena Pharmaceuticals by 21.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 8,930 shares of the biopharmaceutical company’s stock worth $348,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Rhumbline Advisers grew its position in Arena Pharmaceuticals by 45.8% during the 4th quarter. Rhumbline Advisers now owns 67,489 shares of the biopharmaceutical company’s stock worth $2,629,000 after acquiring an additional 21,203 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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