Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Rating Lowered to Sell at BidaskClub

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Monday, July 24th.

Several other research firms also recently issued reports on ARNA. ValuEngine raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Cantor Fitzgerald started coverage on shares of Arena Pharmaceuticals in a report on Thursday, June 15th. They set an “overweight” rating and a $4.00 price objective on the stock. Wells Fargo & Company reaffirmed a “market perform” rating and set a $19.00 price objective (up from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Finally, Citigroup Inc. increased their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Arena Pharmaceuticals has a consensus rating of “Buy” and an average target price of $36.00.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 20.53 on Monday. The stock’s 50 day moving average is $22.17 and its 200 day moving average is $16.20. Arena Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $27.86. The company’s market capitalization is $805.19 million.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the Zacks’ 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 analysts’ expectations of $5.58 million. During the same period last year, the company posted ($1.10) earnings per share. The business’s quarterly revenue was down 31.8% on a year-over-year basis. On average, equities analysts predict that Arena Pharmaceuticals will post ($2.94) EPS for the current fiscal year.

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Several large investors have recently modified their holdings of ARNA. Bank of New York Mellon Corp boosted its stake in shares of 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 during the period. Tudor Investment Corp Et Al boosted its stake in shares of 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 during the period. Norges Bank acquired a new stake in shares of Arena Pharmaceuticals during the fourth quarter worth approximately $1,785,000. State Street Corp boosted its stake in shares of 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 during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of 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 during the period.

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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