Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.
Separately, Cantor Fitzgerald reiterated a “buy” rating and issued a $37.00 target price on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.00.
Arena Pharmaceuticals (ARNA) opened at $33.25 on Wednesday. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $33.32. The stock has a market capitalization of $1,290.00, a price-to-earnings ratio of -35.37 and a beta of 1.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new stake in shares of Arena Pharmaceuticals during the second quarter valued at about $1,630,000. Point72 Asset Management L.P. acquired a new position in Arena Pharmaceuticals during the third quarter worth about $9,973,000. American Century Companies Inc. grew its holdings in Arena Pharmaceuticals by 171.8% during the third quarter. American Century Companies Inc. now owns 64,994 shares of the biopharmaceutical company’s stock worth $1,657,000 after acquiring an additional 41,082 shares during the period. Swiss National Bank grew its holdings in Arena Pharmaceuticals by 30.3% during the third quarter. Swiss National Bank now owns 63,630 shares of the biopharmaceutical company’s stock worth $1,623,000 after acquiring an additional 14,800 shares during the period. Finally, ClariVest Asset Management LLC acquired a new position in Arena Pharmaceuticals during the third quarter worth about $2,156,000. Institutional investors and hedge funds own 72.82% of the company’s stock.
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Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).
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