Arena Pharmaceuticals, Inc. (ARNA) Sees Strong Trading Volume
Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) saw unusually-strong trading volume on Friday . Approximately 2,894,859 shares were traded during trading, an increase of 145% from the previous session’s volume of 1,181,660 shares.The stock last traded at $24.40 and had previously closed at $24.29.
Several equities research analysts have recently commented on ARNA shares. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, July 7th. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Cantor Fitzgerald initiated coverage on Arena Pharmaceuticals in a research report on Thursday, June 15th. They set an “overweight” rating and a $4.00 target price on the stock. Wells Fargo & Company reaffirmed a “market perform” rating and set a $19.00 target price (up previously from $15.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, July 12th. Finally, Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $36.00.
The stock’s 50-day moving average is $22.56 and its 200 day moving average is $17.26. The company’s market cap is $956.97 million.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.74) by ($0.03). Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company had revenue of $6.49 million for the quarter, compared to the consensus estimate of $5.58 million. During the same period last year, the business earned ($1.10) EPS. The firm’s quarterly revenue was down 31.8% on a year-over-year basis. Equities analysts forecast that Arena Pharmaceuticals, Inc. will post ($2.94) EPS for the current year.
Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in Arena Pharmaceuticals by 6.8% during the 1st quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock valued at $2,739,000 after buying an additional 119,336 shares in the last quarter. Marshall Wace North America L.P. bought a new position in Arena Pharmaceuticals during the 2nd quarter valued at approximately $1,630,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Arena Pharmaceuticals by 25.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,078,955 shares of the biopharmaceutical company’s stock worth $1,576,000 after purchasing an additional 215,844 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Arena Pharmaceuticals by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock worth $1,725,000 after purchasing an additional 10,446 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Arena Pharmaceuticals by 12.7% in the 1st quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after purchasing an additional 957,190 shares in the last quarter. 46.21% of the stock is owned by institutional investors.
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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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