Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Receives “Market Perform” Rating from Wells Fargo & Company

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “market perform” rating reaffirmed by Wells Fargo & Company in a research note issued on Wednesday, July 12th. They currently have a $19.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $15.00. Wells Fargo & Company’s price objective indicates a potential downside of 9.65% from the stock’s current price.

ARNA has been the topic of several other research reports. FBR & Co reissued an “outperform” rating and set a $60.00 price objective on shares of Arena Pharmaceuticals in a report on Thursday, March 16th. Leerink Swann boosted their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 11th. Citigroup Inc. started coverage on Arena Pharmaceuticals in a research note on Tuesday, June 27th. They issued a “buy” rating and a $23.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $37.00 price target on shares of Arena Pharmaceuticals in a research note on Friday, June 30th. Finally, Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.00.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 1.84% during trading on Wednesday, reaching $21.03. The company had a trading volume of 596,252 shares. The firm’s market capitalization is $824.80 million. Arena Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $27.86. The stock has a 50 day moving average price of $21.42 and a 200 day moving average price of $15.97.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by $0.03. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. The firm had revenue of $6.49 million for the quarter, compared to analyst estimates of $5.58 million. During the same period in the previous year, the business posted ($1.10) EPS. Arena Pharmaceuticals’s revenue for the quarter was down 31.8% compared to the same quarter last year. On average, equities research analysts forecast that Arena Pharmaceuticals will post ($2.94) EPS for the current year.

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A number of institutional investors have recently bought and sold shares of ARNA. Bank of New York Mellon Corp raised its position in Arena Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock worth $1,725,000 after buying an additional 10,446 shares in the last quarter. Tudor Investment Corp Et Al raised its position in Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 48,181 shares in the last quarter. Norges Bank acquired a new position in Arena Pharmaceuticals during the fourth quarter worth approximately $1,785,000. State Street Corp raised its position in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock worth $8,847,000 after buying an additional 350,997 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after buying an additional 957,190 shares in the last quarter.

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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