Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) reached a new 52-week high and low on Thursday . The company traded as low as $49.69 and last traded at $49.63, with a volume of 680389 shares. The stock had previously closed at $49.17.
A number of analysts have recently weighed in on ARNA shares. Citigroup reiterated a “buy” rating and set a $62.00 target price on shares of Arena Pharmaceuticals in a report on Wednesday, March 21st. Needham & Company LLC upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $30.89 to $60.00 in a report on Tuesday, March 20th. JMP Securities increased their target price on shares of Arena Pharmaceuticals from $36.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. ValuEngine lowered shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, April 17th. Finally, Wells Fargo & Co dropped their target price on shares of Arena Pharmaceuticals from $53.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, March 20th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $54.44.
The company has a current ratio of 15.28, a quick ratio of 15.28 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.38 billion, a P/E ratio of -18.87 and a beta of 1.51.
In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 30,001 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 34,691 shares in the company, valued at $1,199,267.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.92% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Bailard Inc. purchased a new stake in Arena Pharmaceuticals in the fourth quarter worth about $2,752,000. Teachers Advisors LLC increased its stake in shares of Arena Pharmaceuticals by 7.3% during the fourth quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock valued at $13,742,000 after purchasing an additional 27,348 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Arena Pharmaceuticals by 38.6% during the fourth quarter. American Century Companies Inc. now owns 90,102 shares of the biopharmaceutical company’s stock valued at $3,061,000 after purchasing an additional 25,108 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in shares of Arena Pharmaceuticals during the fourth quarter valued at approximately $635,000. Finally, Candriam Luxembourg S.C.A. bought a new position in shares of Arena Pharmaceuticals during the first quarter valued at approximately $1,936,000. Institutional investors and hedge funds own 78.28% of the company’s stock.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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