Wells Fargo & Company MN raised its holdings in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 113.7% during the third quarter, HoldingsChannel.com reports. The fund owned 38,582 shares of the biopharmaceutical company’s stock after buying an additional 20,530 shares during the period. Wells Fargo & Company MN’s holdings in Arena Pharmaceuticals were worth $984,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of ARNA. Balyasny Asset Management LLC bought a new stake in Arena Pharmaceuticals during the second quarter valued at about $12,183,000. Pictet Asset Management Ltd. purchased a new position in shares of Arena Pharmaceuticals during the third quarter valued at about $13,656,000. JPMorgan Chase & Co. grew its position in shares of Arena Pharmaceuticals by 16,992.7% during the second quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock valued at $5,361,000 after purchasing an additional 315,895 shares in the last quarter. Macquarie Group Ltd. purchased a new position in shares of Arena Pharmaceuticals during the third quarter valued at about $5,100,000. Finally, EAM Investors LLC purchased a new position in shares of Arena Pharmaceuticals during the third quarter valued at about $2,408,000. 72.78% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday. Credit Suisse Group assumed coverage on Arena Pharmaceuticals in a research report on Wednesday, January 17th. They set an “outperform” rating and a $44.00 price objective for the company. Leerink Swann restated a “positive” rating and set a $56.00 price objective (up previously from $53.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Cantor Fitzgerald restated a “buy” rating and set a $45.00 price objective on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. Finally, Zacks Investment Research lowered Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $38.38.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.66) by $0.01. The company had revenue of $7.95 million during the quarter, compared to analyst estimates of $5.48 million. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The firm’s revenue was down 58.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. equities research analysts anticipate that Arena Pharmaceuticals, Inc. will post -3.13 earnings per share for the current fiscal year.
Arena Pharmaceuticals Company Profile
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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