Arena Pharmaceuticals (NASDAQ:ARNA) had its price objective reduced by JPMorgan Chase & Co. from $59.00 to $58.00 in a research note published on Friday morning, Stock Target Advisor reports. They currently have a neutral rating on the biopharmaceutical company’s stock.
ARNA has been the topic of several other research reports. TheStreet lowered shares of Arena Pharmaceuticals from a b rating to a c+ rating in a research report on Wednesday, August 7th. ValuEngine lowered shares of Arena Pharmaceuticals from a sell rating to a strong sell rating in a research report on Tuesday, September 10th. BidaskClub upgraded shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada reiterated a buy rating and issued a $79.00 target price on shares of Arena Pharmaceuticals in a research report on Sunday, August 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $62.86.
Shares of NASDAQ:ARNA traded down $0.83 on Friday, hitting $47.40. 743,200 shares of the company were exchanged, compared to its average volume of 468,723. The stock’s 50 day moving average price is $48.02 and its 200 day moving average price is $53.52. Arena Pharmaceuticals has a 1-year low of $31.97 and a 1-year high of $64.48. The firm has a market capitalization of $2.45 billion, a P/E ratio of -16.07 and a beta of 1.54. The company has a current ratio of 36.51, a quick ratio of 36.51 and a debt-to-equity ratio of 0.04.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.46) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by ($0.14). Arena Pharmaceuticals had a net margin of 72.84% and a return on equity of 53.92%. The company had revenue of $1.35 million during the quarter, compared to analyst estimates of $2.06 million. During the same quarter last year, the business earned ($0.70) EPS. The firm’s revenue for the quarter was down 62.2% compared to the same quarter last year. On average, equities analysts predict that Arena Pharmaceuticals will post 8.51 EPS for the current fiscal year.
In related news, VP Vincent Aurentz sold 65,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.72, for a total transaction of $3,296,800.00. Following the transaction, the vice president now directly owns 25,000 shares in the company, valued at $1,268,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Steven W. Spector sold 31,457 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.72, for a total transaction of $1,595,499.04. Following the transaction, the executive vice president now owns 22,964 shares in the company, valued at $1,164,734.08. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of ARNA. WINTON GROUP Ltd boosted its position in Arena Pharmaceuticals by 223.7% during the second quarter. WINTON GROUP Ltd now owns 15,826 shares of the biopharmaceutical company’s stock worth $928,000 after acquiring an additional 10,937 shares during the last quarter. Exane Derivatives acquired a new position in Arena Pharmaceuticals during the second quarter worth about $315,000. Commonwealth Equity Services LLC boosted its position in Arena Pharmaceuticals by 8.3% during the second quarter. Commonwealth Equity Services LLC now owns 6,693 shares of the biopharmaceutical company’s stock worth $392,000 after acquiring an additional 511 shares during the last quarter. Hanseatic Management Services Inc. acquired a new position in Arena Pharmaceuticals during the second quarter worth about $320,000. Finally, Convergence Investment Partners LLC acquired a new position in Arena Pharmaceuticals during the second quarter worth about $224,000. Hedge funds and other institutional investors own 83.24% of the company’s stock.
About Arena Pharmaceuticals
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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