Arena Pharmaceuticals (ARNA) Raised to “Outperform” at Wells Fargo & Co
Wells Fargo & Co upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a market perform rating to an outperform rating in a research report released on Wednesday, Marketbeat.com reports.
A number of other equities analysts have also commented on ARNA. Cantor Fitzgerald restated a buy rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. BidaskClub upgraded shares of Arena Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Saturday, December 2nd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $36.00.
Arena Pharmaceuticals (NASDAQ ARNA) opened at $40.84 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42. Arena Pharmaceuticals has a 1 year low of $11.30 and a 1 year high of $41.92.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.01. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The company had revenue of $7.95 million during the quarter, compared to analyst estimates of $5.48 million. During the same period last year, the business earned ($0.05) earnings per share. Arena Pharmaceuticals’s revenue was down 58.6% compared to the same quarter last year. equities research analysts forecast that Arena Pharmaceuticals will post -3.17 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new stake in Arena Pharmaceuticals in the third quarter valued at approximately $9,973,000. Marshall Wace North America L.P. purchased a new stake in Arena Pharmaceuticals in the second quarter valued at approximately $1,630,000. American Century Companies Inc. raised its stake in Arena Pharmaceuticals by 171.8% in the third quarter. American Century Companies Inc. now owns 64,994 shares of the biopharmaceutical company’s stock valued at $1,657,000 after purchasing an additional 41,082 shares in the last quarter. Swiss National Bank raised its stake in Arena Pharmaceuticals by 30.3% in the third quarter. Swiss National Bank now owns 63,630 shares of the biopharmaceutical company’s stock valued at $1,623,000 after purchasing an additional 14,800 shares in the last quarter. Finally, ClariVest Asset Management LLC purchased a new stake in Arena Pharmaceuticals in the third quarter valued at approximately $2,156,000. 72.82% of the stock is currently owned by institutional investors and hedge funds.
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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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