Arena Pharmaceuticals (ARNA) Stock Rating Lowered by ValuEngine

Arena Pharmaceuticals (NASDAQ:ARNA) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts have also issued research reports about the stock. Cantor Fitzgerald set a $65.00 price objective on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, September 24th. Credit Suisse Group lowered their price objective on shares of Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, August 7th. Finally, BidaskClub lowered shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $62.88.

ARNA stock opened at $35.66 on Tuesday. Arena Pharmaceuticals has a 52 week low of $24.33 and a 52 week high of $50.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 28.76 and a quick ratio of 28.76. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -13.56 and a beta of 1.55.



Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, August 6th. The biopharmaceutical company reported ($0.65) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.64) by ($0.01). Arena Pharmaceuticals had a negative net margin of 377.94% and a negative return on equity of 25.90%. The business had revenue of $4.00 million for the quarter, compared to the consensus estimate of $3.91 million. During the same quarter last year, the business earned ($0.77) EPS. Arena Pharmaceuticals’s revenue for the quarter was up 110.5% compared to the same quarter last year. Research analysts anticipate that Arena Pharmaceuticals will post -2.86 EPS for the current fiscal year.

In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 29,005 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $36.01, for a total transaction of $1,044,470.05. Following the completion of the transaction, the executive vice president now owns 48,695 shares in the company, valued at $1,753,506.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.92% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Arena Pharmaceuticals by 12.8% in the 2nd quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock worth $204,613,000 after acquiring an additional 531,508 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Arena Pharmaceuticals by 305.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock worth $59,619,000 after acquiring an additional 1,030,000 shares during the last quarter. Partner Fund Management L.P. bought a new stake in shares of Arena Pharmaceuticals in the 2nd quarter worth about $52,184,000. Voya Investment Management LLC lifted its holdings in shares of Arena Pharmaceuticals by 41.1% in the 2nd quarter. Voya Investment Management LLC now owns 641,957 shares of the biopharmaceutical company’s stock worth $27,990,000 after acquiring an additional 187,030 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Arena Pharmaceuticals by 9.0% in the 2nd quarter. Northern Trust Corp now owns 592,445 shares of the biopharmaceutical company’s stock worth $25,831,000 after acquiring an additional 48,671 shares during the last quarter. Hedge funds and other institutional investors own 82.17% of the company’s stock.

About Arena Pharmaceuticals

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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