Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s share price traded up 6.6% during trading on Friday after Royal Bank of Canada raised their price target on the stock to $70.00. Royal Bank of Canada currently has an outperform rating on the stock. Arena Pharmaceuticals traded as high as $42.47 and last traded at $42.15. 29,720 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 483,767 shares. The stock had previously closed at $39.55.
A number of other brokerages have also recently issued reports on ARNA. ValuEngine raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Cantor Fitzgerald set a $65.00 target price on Arena Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, September 24th. BidaskClub raised Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 19th. Needham & Company LLC set a $60.00 target price on Arena Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday. Finally, Credit Suisse Group dropped their price target on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $63.50.
A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in Arena Pharmaceuticals by 14.7% during the 3rd quarter. AQR Capital Management LLC now owns 42,391 shares of the biopharmaceutical company’s stock valued at $1,951,000 after purchasing an additional 5,441 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Arena Pharmaceuticals by 6.5% during the 3rd quarter. Macquarie Group Ltd. now owns 521,800 shares of the biopharmaceutical company’s stock valued at $24,013,000 after purchasing an additional 31,800 shares in the last quarter. HRT Financial LLC acquired a new stake in Arena Pharmaceuticals during the 3rd quarter valued at $405,000. Advisors Asset Management Inc. increased its holdings in Arena Pharmaceuticals by 32.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 19,262 shares of the biopharmaceutical company’s stock valued at $886,000 after purchasing an additional 4,679 shares in the last quarter. Finally, MetLife Investment Advisors LLC increased its holdings in Arena Pharmaceuticals by 55.1% during the 3rd quarter. MetLife Investment Advisors LLC now owns 34,890 shares of the biopharmaceutical company’s stock valued at $1,606,000 after purchasing an additional 12,400 shares in the last quarter. 82.14% of the stock is owned by hedge funds and other institutional investors.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.74) by $0.04. The firm had revenue of $3.57 million for the quarter, compared to analyst estimates of $2.29 million. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. The business’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period last year, the company earned ($0.93) EPS. As a group, equities research analysts predict that Arena Pharmaceuticals, Inc. will post -2.88 EPS for the current year.
Arena Pharmaceuticals Company Profile (NASDAQ:ARNA)
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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