Cantor Fitzgerald Reaffirms “Buy” Rating for Arena Pharmaceuticals, Inc. (ARNA)
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “buy” rating reissued by Cantor Fitzgerald in a research note issued to investors on Monday. They currently have a $37.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 47.47% from the company’s current price.
ARNA has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Arena Pharmaceuticals in a research note on Tuesday, August 8th. Leerink Swann upped their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Tuesday, July 4th. JMP Securities raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research note on Friday, July 7th. They noted that the move was a valuation call. Finally, BidaskClub lowered Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $36.00.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. During the same period last year, the company earned ($1.10) EPS. The business’s revenue for the quarter was down 31.8% on a year-over-year basis.
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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DAFNA Capital Management LLC acquired a new position in Arena Pharmaceuticals during the 2nd quarter worth about $262,000. Balyasny Asset Management LLC acquired a new position in Arena Pharmaceuticals during the 2nd quarter worth about $12,183,000. GSA Capital Partners LLP acquired a new position in Arena Pharmaceuticals during the 2nd quarter worth about $1,677,000. JPMorgan Chase & Co. lifted its stake in Arena Pharmaceuticals by 16,992.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock worth $5,361,000 after acquiring an additional 315,895 shares in the last quarter. Finally, Airain ltd acquired a new position in Arena Pharmaceuticals during the 2nd quarter worth about $178,000. 46.21% of the stock is currently owned by hedge funds and other institutional investors.
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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