Trexquant Investment LP acquired a new stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) during the second quarter, Holdings Channel reports. The fund acquired 17,794 shares of the biopharmaceutical company’s stock, valued at approximately $300,000.

Other hedge funds also recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Arena Pharmaceuticals during the second quarter valued at about $156,000. Bank of America Corp DE boosted its stake in shares of Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 48,667 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock valued at $206,000 after buying an additional 68,966 shares during the last quarter. American International Group Inc. boosted its stake in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 9,959 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Arena Pharmaceuticals by 11.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 172,165 shares of the biopharmaceutical company’s stock valued at $251,000 after buying an additional 17,565 shares during the last quarter.

Shares of Arena Pharmaceuticals, Inc. (ARNA) opened at 20.53 on Friday. The firm’s market capitalization is $805.19 million. Arena Pharmaceuticals, Inc. has a 1-year low of $11.30 and a 1-year high of $27.86. The firm has a 50-day moving average price of $22.17 and a 200-day moving average price of $16.20.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by $0.03. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. The firm had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. During the same quarter in the prior year, the firm earned ($1.10) EPS. The business’s quarterly revenue was down 31.8% compared to the same quarter last year. On average, analysts forecast that Arena Pharmaceuticals, Inc. will post ($2.94) EPS for the current fiscal year.

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Several analysts have recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th. Wells Fargo & Company reiterated a “market perform” rating and issued a $19.00 price objective (up from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Citigroup Inc. increased their price objective on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, July 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Friday, June 30th. Finally, BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $36.00.

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

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