Citizens Financial Group Inc RI bought a new stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,188 shares of the biopharmaceutical company’s stock, valued at approximately $92,000.
A number of other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Arena Pharmaceuticals by 3.7% in the first quarter. BlackRock Inc. now owns 5,099,863 shares of the biopharmaceutical company’s stock valued at $214,195,000 after buying an additional 182,941 shares during the period. Alliancebernstein L.P. lifted its stake in Arena Pharmaceuticals by 4.7% in the fourth quarter. Alliancebernstein L.P. now owns 1,100,558 shares of the biopharmaceutical company’s stock valued at $49,987,000 after buying an additional 49,680 shares during the period. Norges Bank acquired a new position in Arena Pharmaceuticals in the fourth quarter valued at about $45,393,000. Alyeska Investment Group L.P. lifted its stake in Arena Pharmaceuticals by 21.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 764,376 shares of the biopharmaceutical company’s stock valued at $34,718,000 after buying an additional 132,843 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Arena Pharmaceuticals by 1.1% in the fourth quarter. Victory Capital Management Inc. now owns 753,971 shares of the biopharmaceutical company’s stock valued at $34,448,000 after buying an additional 8,486 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:ARNA opened at $58.91 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.67 and a current ratio of 18.67. The company has a market cap of $2.89 billion, a PE ratio of -9.12 and a beta of 1.33. Arena Pharmaceuticals, Inc. has a 52-week low of $32.95 and a 52-week high of $64.48. The stock has a 50-day simple moving average of $48.87 and a 200 day simple moving average of $47.09.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data 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. The business had revenue of $0.26 million during the quarter, compared to the consensus estimate of $1.58 million. Arena Pharmaceuticals had a negative return on equity of 29.30% and a negative net margin of 5,727.22%. Arena Pharmaceuticals’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period last year, the company earned $12.10 earnings per share. On average, research analysts predict that Arena Pharmaceuticals, Inc. will post -8.78 earnings per share for the current fiscal year.
Several brokerages have issued reports on ARNA. Needham & Company LLC restated a “buy” rating and issued a $70.00 price target on shares of Arena Pharmaceuticals in a report on Tuesday, April 14th. JPMorgan Chase & Co. upgraded Arena Pharmaceuticals from a “neutral” rating to an “overweight” rating and set a $58.00 price target for the company in a report on Friday, January 31st. ValuEngine upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, February 11th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $68.00 price target (up from $56.00) on shares of Arena Pharmaceuticals in a report on Friday, May 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. Arena Pharmaceuticals has a consensus rating of “Buy” and an average price target of $67.63.
Arena Pharmaceuticals 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.
Further Reading: Technical Analysis
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