Arena Pharmaceuticals, Inc. (ARNA) Short Interest Update

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) was the recipient of a large growth in short interest during the month of March. As of March 29th, there was short interest totalling 3,192,659 shares, a growth of 71.8% from the March 15th total of 1,858,178 shares. Approximately 6.7% of the company’s shares are sold short. Based on an average daily trading volume, of 4,246,081 shares, the short-interest ratio is currently 0.8 days.

ARNA has been the topic of a number of analyst reports. Citigroup upped their price target on Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. BidaskClub lowered Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. Cantor Fitzgerald reiterated a “buy” rating and issued a $45.00 price target on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Needham & Company LLC upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price target for the company from $30.89 to $60.00 in a research report on Tuesday, March 20th. Finally, ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 3rd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $53.13.

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Shares of Arena Pharmaceuticals stock opened at $35.68 on Monday. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $45.85. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.89 and a current ratio of 3.89. The stock has a market cap of $1,729.66, a P/E ratio of -13.57 and a beta of 1.49.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.65) by $0.30. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The company had revenue of $15.40 million for the quarter, compared to analyst estimates of $5.75 million. During the same quarter in the prior year, the company earned $1.60 EPS. The firm’s revenue for the quarter was down 77.8% compared to the same quarter last year. equities research analysts expect that Arena Pharmaceuticals will post -2.74 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in ARNA. Nationwide Fund Advisors boosted its position in shares of Arena Pharmaceuticals by 109.0% during the 3rd quarter. Nationwide Fund Advisors now owns 38,751 shares of the biopharmaceutical company’s stock valued at $988,000 after purchasing an additional 20,209 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Arena Pharmaceuticals by 22.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 170,336 shares of the biopharmaceutical company’s stock valued at $4,343,000 after purchasing an additional 30,660 shares in the last quarter. American International Group Inc. boosted its position in shares of Arena Pharmaceuticals by 31.2% during the 3rd quarter. American International Group Inc. now owns 26,081 shares of the biopharmaceutical company’s stock valued at $665,000 after purchasing an additional 6,208 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Arena Pharmaceuticals by 128.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after purchasing an additional 2,466 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Arena Pharmaceuticals by 46.8% during the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 3,302 shares in the last quarter. Institutional investors own 60.24% 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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