Arena Pharmaceuticals (NASDAQ:ARNA) had its price objective lifted by Royal Bank of Canada to $70.00 in a research note published on Friday morning, The Fly reports. Royal Bank of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

Other equities analysts have also issued research reports about the company. BidaskClub raised Arena Pharmaceuticals from a strong sell rating to a sell rating in a research report on Wednesday, September 19th. ValuEngine lowered Arena Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Tuesday, July 24th. Credit Suisse Group lowered their price objective on Arena Pharmaceuticals from $58.00 to $56.00 and set an outperform rating for the company in a research report on Tuesday, August 7th. Needham & Company LLC set a $60.00 price objective on Arena Pharmaceuticals and gave the company a buy rating in a research report on Thursday, November 15th. Finally, Cantor Fitzgerald set a $65.00 price objective on Arena Pharmaceuticals and gave the company a buy rating in a research report on Thursday, November 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has an average rating of Buy and a consensus target price of $64.13.

Shares of Arena Pharmaceuticals stock opened at $40.86 on Friday. The company has a quick ratio of 26.08, a current ratio of 26.08 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -15.54 and a beta of 1.89. Arena Pharmaceuticals has a 12 month low of $26.25 and a 12 month high of $50.05.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.04. The business had revenue of $3.57 million during the quarter, compared to analyst estimates of $2.29 million. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. The company’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.93) earnings per share. Sell-side analysts anticipate that Arena Pharmaceuticals will post -2.91 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of ARNA. Partner Fund Management L.P. raised its position in shares of Arena Pharmaceuticals by 128.1% in the 3rd quarter. Partner Fund Management L.P. now owns 2,729,555 shares of the biopharmaceutical company’s stock worth $125,614,000 after purchasing an additional 1,532,664 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Arena Pharmaceuticals by 305.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock worth $59,619,000 after purchasing an additional 1,030,000 shares during the last quarter. Primecap Management Co. CA purchased a new position in shares of Arena Pharmaceuticals in the 3rd quarter worth about $45,486,000. BlackRock Inc. raised its position in shares of Arena Pharmaceuticals by 12.8% in the 2nd quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock worth $204,613,000 after purchasing an additional 531,508 shares during the last quarter. Finally, Perceptive Advisors LLC raised its position in shares of Arena Pharmaceuticals by 62.4% in the 3rd quarter. Perceptive Advisors LLC now owns 1,366,978 shares of the biopharmaceutical company’s stock worth $62,908,000 after purchasing an additional 525,000 shares during the last quarter. 84.81% of the stock is owned by hedge funds and other institutional investors.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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