Arena Pharmaceuticals, Inc. (ARNA) Position Lifted by Swiss National Bank

Swiss National Bank increased its holdings in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 2.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,830 shares of the biopharmaceutical company’s stock after acquiring an additional 2,200 shares during the quarter. Swiss National Bank owned approximately 0.17% of Arena Pharmaceuticals worth $3,950,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Smith Asset Management Group LP acquired a new position in shares of Arena Pharmaceuticals in the second quarter worth about $248,000. Janus Henderson Group PLC acquired a new position in shares of Arena Pharmaceuticals in the second quarter worth about $275,000. Public Employees Retirement Association of Colorado lifted its stake in shares of Arena Pharmaceuticals by 327.2% in the third quarter. Public Employees Retirement Association of Colorado now owns 6,776 shares of the biopharmaceutical company’s stock worth $312,000 after acquiring an additional 5,190 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Arena Pharmaceuticals by 30.1% in the second quarter. Amalgamated Bank now owns 7,406 shares of the biopharmaceutical company’s stock worth $323,000 after acquiring an additional 1,712 shares in the last quarter. Finally, Ballentine Partners LLC acquired a new position in shares of Arena Pharmaceuticals in the third quarter worth about $345,000. Institutional investors and hedge funds own 80.35% of the company’s stock.

ARNA has been the topic of several recent analyst reports. Credit Suisse Group cut their price target on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 7th. BidaskClub cut Arena Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 8th. Cantor Fitzgerald set a $65.00 price target on Arena Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, September 24th. ValuEngine upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. Finally, Needham & Company LLC set a $60.00 price objective on Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $64.13.

Shares of NASDAQ ARNA opened at $41.01 on Monday. Arena Pharmaceuticals, Inc. has a 52-week low of $29.52 and a 52-week high of $50.05. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -15.59 and a beta of 1.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 26.08 and a current ratio of 26.08.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.74) by $0.04. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. The firm had revenue of $3.57 million for the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter in the prior year, the firm posted ($0.93) earnings per share. Arena Pharmaceuticals’s revenue for the quarter was up 47.5% compared to the same quarter last year. As a group, equities research analysts predict that Arena Pharmaceuticals, Inc. will post -2.91 EPS for the current fiscal year.

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Arena Pharmaceuticals Profile

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

Read More: Momentum Indicator: Relative Strength Index

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Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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