Arena Pharmaceuticals (ARNA) Upgraded at BidaskClub

BidaskClub upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a buy rating to a strong-buy rating in a research note released on Saturday.

Several other research analysts have also weighed in on the stock. Cantor Fitzgerald reissued a buy rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. Needham & Company LLC reissued a hold rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has a consensus rating of Buy and a consensus price target of $36.00.

Shares of Arena Pharmaceuticals (NASDAQ ARNA) opened at $29.97 on Friday. Arena Pharmaceuticals has a 1 year low of $11.30 and a 1 year high of $31.75. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) 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 during the quarter, compared to analysts’ expectations of $5.48 million. During the same quarter in the previous year, the company earned ($0.05) EPS. Arena Pharmaceuticals’s revenue was down 58.6% on a year-over-year basis. equities analysts expect that Arena Pharmaceuticals will post -3 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can boosted its stake in Arena Pharmaceuticals by 128.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after acquiring an additional 2,466 shares during the last quarter. Legal & General Group Plc boosted its stake in Arena Pharmaceuticals by 46.8% during the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after acquiring an additional 3,302 shares during the last quarter. Rhumbline Advisers boosted its stake in Arena Pharmaceuticals by 12.9% during the 3rd quarter. Rhumbline Advisers now owns 40,771 shares of the biopharmaceutical company’s stock worth $1,040,000 after acquiring an additional 4,657 shares during the last quarter. California State Teachers Retirement System boosted its stake in Arena Pharmaceuticals by 10.8% during the 3rd quarter. California State Teachers Retirement System now owns 62,932 shares of the biopharmaceutical company’s stock worth $1,605,000 after acquiring an additional 6,136 shares during the last quarter. Finally, American International Group Inc. lifted its stake in Arena Pharmaceuticals by 31.2% in the third quarter. American International Group Inc. now owns 26,081 shares of the biopharmaceutical company’s stock valued at $665,000 after buying an additional 6,208 shares in the last quarter. 72.85% of the stock is currently owned by institutional investors and hedge funds.

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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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