Arena Pharmaceuticals (NASDAQ:ARNA) Downgraded by ValuEngine

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ValuEngine lowered shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a strong sell rating in a research report report published on Tuesday morning, ValuEngine reports.

Several other equities research analysts have also weighed in on the company. TheStreet lowered Arena Pharmaceuticals from a b rating to a c+ rating in a report on Wednesday, August 7th. Zacks Investment Research lowered Arena Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, May 15th. BidaskClub lowered Arena Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed a buy rating and issued a $79.00 price target on shares of Arena Pharmaceuticals in a research report on Sunday, August 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $63.67.

ARNA opened at $52.58 on Tuesday. The business has a 50 day moving average price of $56.19 and a 200 day moving average price of $53.04. Arena Pharmaceuticals has a twelve month low of $31.97 and a twelve month high of $64.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 36.51 and a current ratio of 36.51. The firm has a market cap of $2.59 billion, a P/E ratio of -17.82 and a beta of 1.54.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($1.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.02) by ($0.22). Arena Pharmaceuticals had a return on equity of 53.92% and a net margin of 72.84%. The company had revenue of $1.02 million during the quarter, compared to analyst estimates of $2.91 million. During the same quarter last year, the firm posted ($0.65) earnings per share. The firm’s revenue for the quarter was down 74.4% compared to the same quarter last year. As a group, analysts anticipate that Arena Pharmaceuticals will post 8.51 earnings per share for the current fiscal year.

In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 31,457 shares of Arena Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.72, for a total value of $1,595,499.04. Following the transaction, the executive vice president now directly owns 22,964 shares of the company’s stock, valued at approximately $1,164,734.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Vincent Aurentz sold 65,000 shares of Arena Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.72, for a total value of $3,296,800.00. Following the completion of the transaction, the vice president now directly owns 25,000 shares in the company, valued at $1,268,000. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of Arena Pharmaceuticals by 0.8% during the second quarter. BlackRock Inc. now owns 4,795,930 shares of the biopharmaceutical company’s stock valued at $281,185,000 after purchasing an additional 38,756 shares during the period. Chartwell Investment Partners LLC increased its position in shares of Arena Pharmaceuticals by 6.4% during the second quarter. Chartwell Investment Partners LLC now owns 60,137 shares of the biopharmaceutical company’s stock valued at $3,526,000 after purchasing an additional 3,604 shares during the period. Orbimed Advisors LLC bought a new stake in shares of Arena Pharmaceuticals during the second quarter valued at approximately $6,449,000. Primecap Management Co. CA increased its position in shares of Arena Pharmaceuticals by 4.3% during the second quarter. Primecap Management Co. CA now owns 1,525,200 shares of the biopharmaceutical company’s stock valued at $89,422,000 after purchasing an additional 63,000 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in shares of Arena Pharmaceuticals by 27.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 887 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 193 shares during the period. 82.57% of the stock is currently owned by institutional investors.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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