Raymond James Financial Services Advisors Inc. Sells 824 Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)

Raymond James Financial Services Advisors Inc. reduced its position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 9.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,514 shares of the biopharmaceutical company’s stock after selling 824 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Arena Pharmaceuticals were worth $577,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ARNA. First Mercantile Trust Co. boosted its holdings in shares of Arena Pharmaceuticals by 82.1% in the 4th quarter. First Mercantile Trust Co. now owns 1,435 shares of the biopharmaceutical company’s stock worth $110,000 after purchasing an additional 647 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Arena Pharmaceuticals by 11.2% in the 4th quarter. Pacer Advisors Inc. now owns 1,906 shares of the biopharmaceutical company’s stock worth $146,000 after purchasing an additional 192 shares in the last quarter. Waters Parkerson & CO. LLC purchased a new position in shares of Arena Pharmaceuticals in the 4th quarter worth about $206,000. GSA Capital Partners LLP purchased a new position in shares of Arena Pharmaceuticals in the 4th quarter worth about $246,000. Finally, Adalta Capital Management LLC purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter worth about $261,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.

ARNA has been the subject of a number of research reports. Cantor Fitzgerald cut their price objective on Arena Pharmaceuticals from $106.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, March 9th. Jonestrading dropped their target price on Arena Pharmaceuticals from $101.00 to $94.00 and set a “buy” rating for the company in a report on Wednesday, March 3rd. SVB Leerink dropped their target price on Arena Pharmaceuticals from $92.00 to $90.00 and set an “outperform” rating for the company in a report on Wednesday, March 3rd. HC Wainwright increased their target price on Arena Pharmaceuticals from $90.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, April 1st. Finally, TheStreet cut Arena Pharmaceuticals from a “c” rating to a “d+” rating in a report on Tuesday, March 16th. Fifteen investment analysts have rated the stock with a buy rating, Arena Pharmaceuticals has a consensus rating of “Buy” and an average price target of $91.80.

In related news, Director Jayson Donald Alexander Dallas sold 1,327 shares of the firm’s stock in a transaction that occurred on Tuesday, January 19th. The stock was sold at an average price of $80.50, for a total transaction of $106,823.50. Following the completion of the transaction, the director now owns 5,308 shares of the company’s stock, valued at approximately $427,294. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Amit Munshi sold 14,877 shares of the firm’s stock in a transaction that occurred on Tuesday, January 12th. The shares were sold at an average price of $75.12, for a total value of $1,117,560.24. Following the transaction, the chief executive officer now directly owns 20,627 shares of the company’s stock, valued at approximately $1,549,500.24. The disclosure for this sale can be found here. Insiders sold a total of 136,228 shares of company stock valued at $10,838,149 in the last three months. Corporate insiders own 3.05% of the company’s stock.

NASDAQ ARNA opened at $66.29 on Thursday. Arena Pharmaceuticals, Inc. has a fifty-two week low of $44.79 and a fifty-two week high of $90.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 23.17 and a current ratio of 23.17. The stock has a 50 day simple moving average of $74.79 and a two-hundred day simple moving average of $75.70. The stock has a market cap of $4.00 billion, a P/E ratio of -9.39 and a beta of 0.83.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, February 22nd. The biopharmaceutical company reported ($2.10) earnings per share for the quarter, missing the consensus estimate of ($1.85) by ($0.25). The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.87 million. During the same period in the prior year, the business posted ($1.76) EPS. Sell-side analysts predict that Arena Pharmaceuticals, Inc. will post -7.23 earnings per share for the current year.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include Etrasimod (APD334) that is in Phase III clinical trial for ulcerative colitis, Phase IIb/III clinical trial for Crohn's disease, Phase II clinical trial for alopecia areata, Phase III clinical trial for atopic dermatitis, and Phase IIb clinical trial for eosinophilic esophagitis; Olorinab (APD371), which is in Phase IIb clinical trial for the treatment of abdominal pain associated with irritable bowel syndrome; APD418 that is in Phase I clinical trial for acute heart failure; and Temanogrel for coronary microvascular obstruction is in Phase II clinical trial.

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Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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