Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s share price rose 10.9% during trading on Wednesday . The stock traded as high as $36.40 and last traded at $40.17. Approximately 1,234,737 shares traded hands during mid-day trading, an increase of 94% from the average daily volume of 636,050 shares. The stock had previously closed at $36.21.
ARNA has been the topic of several research analyst reports. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. BidaskClub raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 2nd. Finally, Wells Fargo & Co raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $36.00.
The company has a quick ratio of 4.32, a current ratio of 4.42 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $1,577.21, a PE ratio of -44.19 and a beta of 1.50.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Balyasny Asset Management LLC bought a new position in shares of Arena Pharmaceuticals during the 2nd quarter worth $12,183,000. Pictet Asset Management Ltd. purchased a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth $13,656,000. Point72 Asset Management L.P. purchased a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth $9,973,000. JPMorgan Chase & Co. lifted its stake in shares of Arena Pharmaceuticals by 16,992.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock worth $5,361,000 after purchasing an additional 315,895 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth $5,100,000. 72.82% 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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