Arena Pharmaceuticals, Inc. (ARNA) Receives $58.00 Consensus PT from Brokerages

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has been assigned a consensus recommendation of “Buy” from the ten research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $58.00.

A number of research analysts recently weighed in on ARNA shares. Citigroup lifted their target price on shares of Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, February 27th. BidaskClub cut shares of Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note 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 note on Wednesday, January 17th. Needham & Company LLC upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $30.89 to $60.00 in a research note on Tuesday, March 20th. Finally, ValuEngine upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 3rd.

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In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 30,001 shares of the business’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $34.57, for a total value of $1,037,134.57. Following the sale, the executive vice president now owns 34,691 shares in the company, valued at approximately $1,199,267.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.88% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in ARNA. Great West Life Assurance Co. Can lifted its stake in Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 2,466 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Arena Pharmaceuticals in the 3rd quarter worth about $174,000. Legal & General Group Plc increased its holdings in shares of Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after buying an additional 3,302 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in shares of Arena Pharmaceuticals in the 4th quarter worth about $393,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Arena Pharmaceuticals in the 4th quarter worth about $445,000. Institutional investors and hedge funds own 60.24% of the company’s stock.

Shares of ARNA traded up $0.42 during trading hours on Wednesday, reaching $39.69. 719,917 shares of the stock traded hands, compared to its average volume of 1,444,826. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.89 and a current ratio of 3.89. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $45.85. The stock has a market cap of $1,876.35, a price-to-earnings ratio of -15.09 and a beta of 1.49.

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

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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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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