FBR & Co assumed coverage on shares of Arena Pharmaceuticals Inc. (NASDAQ:ARNA) in a report published on Thursday. The brokerage issued an outperform rating and a $6.00 target price on the biopharmaceutical company’s stock.

“We are initiating coverage of Arena Pharmaceuticals, Inc. (ARNA) with an Outperform rating and a 12-month price target of $6 per share. Historically, ARNA focused on obesity with its one approved drug, Belviq (lorcaserin). However, given the company’s expertise in discovery and drug development targeting G protein- coupled receptors (GPCRs), it is now primarily focused on advancing the pipeline with (1) etrasimod (APD334), a S1P receptor modulator for the potential treatment of ulcerative colitis (UC); (2) ralinepag, a prostacyclin receptor (PGI2) agonist for the potential treatment of pulmonary arterial hypertension (PAH); and (3) APD371, a cannabinoid receptor 2 (CB2) agonist in development for GI pain associated with Crohn’s disease.”,” the firm’s analyst commented.

Several other analysts also recently commented on the stock. Needham & Company LLC reissued a hold rating on shares of Arena Pharmaceuticals in a research report on Saturday, August 13th. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a hold rating to a sell rating in a research report on Thursday, August 11th. Jefferies Group reissued a buy rating on shares of Arena Pharmaceuticals in a research report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. reaffirmed a hold rating on shares of Arena Pharmaceuticals in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $3.31.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 1.69 on Thursday. The firm’s 50-day moving average price is $1.63 and its 200-day moving average price is $1.71. The stock’s market cap is $411.10 million. Arena Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $2.68.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. Arena Pharmaceuticals had a negative net margin of 291.35% and a negative return on equity of 226.09%. The firm had revenue of $9.50 million for the quarter, compared to analysts’ expectations of $10.44 million. During the same period last year, the company posted ($0.11) earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities research analysts forecast that Arena Pharmaceuticals will post ($0.35) earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in Arena Pharmaceuticals by 7.0% in the first quarter. Wellington Management Group LLP now owns 26,772,026 shares of the biopharmaceutical company’s stock worth $52,741,000 after buying an additional 1,741,275 shares during the last quarter. Vanguard Group Inc. increased its position in Arena Pharmaceuticals by 7.4% in the second quarter. Vanguard Group Inc. now owns 18,272,025 shares of the biopharmaceutical company’s stock worth $31,246,000 after buying an additional 1,255,448 shares during the last quarter. BlackRock Fund Advisors increased its position in Arena Pharmaceuticals by 6.8% in the second quarter. BlackRock Fund Advisors now owns 9,550,942 shares of the biopharmaceutical company’s stock worth $16,332,000 after buying an additional 609,863 shares during the last quarter. Geode Capital Management LLC increased its position in Arena Pharmaceuticals by 8.0% in the first quarter. Geode Capital Management LLC now owns 1,672,885 shares of the biopharmaceutical company’s stock worth $3,295,000 after buying an additional 123,650 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Arena Pharmaceuticals by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 1,141,792 shares of the biopharmaceutical company’s stock worth $1,953,000 after buying an additional 7,685 shares during the last quarter. 48.41% of the stock is currently owned by institutional investors.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing small molecule drugs that target G protein-coupled receptors (GPCRs). The Company’s drug, Lorcaserin, is approved for marketing in the United States and South Korea for the indication of weight management, and is being commercialized under the brand name, BELVIQ.

5 Day Chart for NASDAQ:ARNA

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