ValuEngine Upgrades Arena Pharmaceuticals (ARNA) to Hold

ValuEngine upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a hold rating in a research note issued to investors on Saturday.

ARNA has been the topic of several other research reports. Wells Fargo & Co raised shares of Arena Pharmaceuticals from a market perform rating to an outperform rating in a research note on Wednesday, January 3rd. BidaskClub cut shares of Arena Pharmaceuticals from a strong-buy rating to a buy rating in a research note on Tuesday, January 16th. Leerink Swann reissued a positive rating and set a $56.00 price target (up previously from $53.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Zacks Investment Research cut shares of Arena Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, January 10th. Finally, Cantor Fitzgerald reissued a buy rating and set a $45.00 price target on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $38.38.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at $39.50 on Friday. Arena Pharmaceuticals has a one year low of $11.30 and a one year high of $41.92. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1,550.00, a price-to-earnings ratio of -42.02 and a beta of 1.64.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The company had revenue of $7.95 million for the quarter, compared to analysts’ expectations of $5.48 million. During the same quarter in the previous year, the company posted ($0.05) EPS. The firm’s quarterly revenue was down 58.6% on a year-over-year basis. sell-side analysts forecast that Arena Pharmaceuticals will post -3.13 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. acquired a new position in shares of Arena Pharmaceuticals during the 4th quarter valued at about $1,476,000. American Century Companies Inc. boosted its position in shares of Arena Pharmaceuticals by 38.6% during the 4th quarter. American Century Companies Inc. now owns 90,102 shares of the biopharmaceutical company’s stock valued at $3,061,000 after acquiring an additional 25,108 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Arena Pharmaceuticals by 16.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 209,085 shares of the biopharmaceutical company’s stock valued at $7,103,000 after acquiring an additional 29,732 shares during the last quarter. Pura Vida Investments LLC boosted its position in shares of Arena Pharmaceuticals by 219.1% during the 3rd quarter. Pura Vida Investments LLC now owns 111,700 shares of the biopharmaceutical company’s stock valued at $2,848,000 after acquiring an additional 76,700 shares during the last quarter. Finally, Iguana Healthcare Management LLC acquired a new position in shares of Arena Pharmaceuticals during the 3rd quarter valued at about $1,530,000. 72.39% of the stock is currently owned by hedge funds and other institutional investors.

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About Arena Pharmaceuticals

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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