Other research analysts have also issued reports about the company. Wood & Company reaffirmed a sell rating on shares of Arena Pharmaceuticals in a research report on Thursday, November 14th. TheStreet lowered Arena Pharmaceuticals from a b rating to a c+ rating in a research report on Wednesday, August 7th. Bank of America assumed coverage on Arena Pharmaceuticals in a report on Wednesday, November 13th. They issued a neutral rating and a $51.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Arena Pharmaceuticals from $59.00 to $58.00 and set a neutral rating on the stock in a report on Friday, November 8th. Finally, Royal Bank of Canada reissued a buy rating and issued a $79.00 price objective on shares of Arena Pharmaceuticals in a report on Sunday, August 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $61.57.
NASDAQ:ARNA traded down $0.33 during mid-day trading on Thursday, hitting $46.57. 198,820 shares of the company’s stock traded hands, compared to its average volume of 463,536. The company has a fifty day moving average of $47.60 and a 200 day moving average of $53.55. Arena Pharmaceuticals has a twelve month low of $35.04 and a twelve month high of $64.48. The company has a market capitalization of $2.31 billion, a P/E ratio of -15.79 and a beta of 1.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 21.90 and a current ratio of 21.90.
In other news, VP Vincent Aurentz sold 65,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.72, for a total value of $3,296,800.00. Following the transaction, the vice president now directly owns 25,000 shares of the company’s stock, valued at $1,268,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Randall E. Woods sold 3,046 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $46.73, for a total value of $142,339.58. Following the completion of the transaction, the director now directly owns 17,276 shares in the company, valued at $807,307.48. The disclosure for this sale can be found here. Insiders sold 99,503 shares of company stock worth $5,034,639 over the last three months. Corporate insiders own 2.73% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Lisanti Capital Growth LLC purchased a new stake in shares of Arena Pharmaceuticals in the third quarter worth about $1,109,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Arena Pharmaceuticals by 12.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 43,645 shares of the biopharmaceutical company’s stock worth $1,998,000 after buying an additional 4,870 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in shares of Arena Pharmaceuticals by 1.0% in the third quarter. Eagle Asset Management Inc. now owns 946,789 shares of the biopharmaceutical company’s stock worth $43,334,000 after buying an additional 9,537 shares during the last quarter. Alps Advisors Inc. boosted its stake in shares of Arena Pharmaceuticals by 2.9% in the third quarter. Alps Advisors Inc. now owns 106,419 shares of the biopharmaceutical company’s stock worth $4,871,000 after buying an additional 3,037 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Arena Pharmaceuticals by 1,417.3% in the third quarter. SG Americas Securities LLC now owns 38,266 shares of the biopharmaceutical company’s stock worth $1,751,000 after buying an additional 35,744 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.
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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