Bank of Montreal Can raised its holdings in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 105.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 703 shares of the biopharmaceutical company’s stock after purchasing an additional 360 shares during the period. Bank of Montreal Can’s holdings in Arena Pharmaceuticals were worth $27,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ARNA. Meeder Asset Management Inc. acquired a new position in Arena Pharmaceuticals in the fourth quarter worth approximately $249,000. Palo Capital Inc. acquired a new position in Arena Pharmaceuticals in the third quarter worth approximately $460,000. Vanguard Group Inc increased its holdings in Arena Pharmaceuticals by 2.9% in the third quarter. Vanguard Group Inc now owns 4,669,780 shares of the biopharmaceutical company’s stock worth $214,903,000 after buying an additional 130,019 shares during the last quarter. Vanguard Group Inc. increased its holdings in Arena Pharmaceuticals by 2.9% in the third quarter. Vanguard Group Inc. now owns 4,669,780 shares of the biopharmaceutical company’s stock worth $214,903,000 after buying an additional 130,019 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Arena Pharmaceuticals by 134.5% in the third quarter. Legal & General Group Plc now owns 18,634 shares of the biopharmaceutical company’s stock worth $858,000 after buying an additional 10,688 shares during the last quarter. Hedge funds and other institutional investors own 80.78% of the company’s stock.
In other news, EVP Steven W. Spector sold 1,500 shares of the stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $46.10, for a total value of $69,150.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Preston Klassen sold 16,000 shares of the stock in a transaction that occurred on Monday, January 7th. The shares were sold at an average price of $41.69, for a total value of $667,040.00. Following the completion of the sale, the chief marketing officer now directly owns 16,000 shares of the company’s stock, valued at $667,040. The disclosure for this sale can be found here. 1.92% of the stock is currently owned by corporate insiders.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Tuesday, February 26th. The biopharmaceutical company reported $1.35 earnings per share for the quarter, beating the consensus estimate of ($0.76) by $2.11. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. The company had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $3.33 million. During the same period in the prior year, the business earned ($0.35) earnings per share. Arena Pharmaceuticals’s revenue for the quarter was down 43.7% compared to the same quarter last year. As a group, equities analysts predict that Arena Pharmaceuticals, Inc. will post -3.26 EPS for the current fiscal year.
A number of equities research analysts have issued reports on the company. Cantor Fitzgerald reaffirmed a “buy” rating and set a $62.00 target price on shares of Arena Pharmaceuticals in a research report on Tuesday, February 26th. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, February 7th. Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. Berenberg Bank assumed coverage on Arena Pharmaceuticals in a research report on Thursday, December 13th. They set a “buy” rating and a $55.00 target price for the company. Finally, Credit Suisse Group upped their target price on Arena Pharmaceuticals from $56.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, November 19th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Arena Pharmaceuticals presently has an average rating of “Buy” and an average target price of $62.00.
Arena Pharmaceuticals Profile
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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