Arena Pharmaceuticals (ARNA) Given New $61.00 Price Target at Credit Suisse Group
Arena Pharmaceuticals (NASDAQ:ARNA) had its price objective hoisted by analysts at Credit Suisse Group from $56.00 to $61.00 in a report issued on Monday, The Fly reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Credit Suisse Group’s price target indicates a potential upside of 55.18% from the stock’s current price.
ARNA has been the subject of a number of other research reports. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, November 3rd. ValuEngine upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Cantor Fitzgerald set a $65.00 price target on Arena Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, November 15th. Royal Bank of Canada upped their price target on Arena Pharmaceuticals to $70.00 and gave the stock an “outperform” rating in a research report on Friday, November 16th. Finally, Needham & Company LLC set a $60.00 price target on Arena Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, November 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $64.13.
Arena Pharmaceuticals stock opened at $39.31 on Monday. The firm has a market cap of $2.06 billion, a P/E ratio of -14.95 and a beta of 1.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 26.08 and a quick ratio of 26.08. Arena Pharmaceuticals has a one year low of $26.69 and a one year high of $50.05.
Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. increased its position in Arena Pharmaceuticals by 248.1% in the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock worth $117,000 after buying an additional 1,913 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Arena Pharmaceuticals in the third quarter worth about $150,000. Smith Asset Management Group LP purchased a new stake in Arena Pharmaceuticals in the second quarter worth about $248,000. Pacer Advisors Inc. purchased a new stake in Arena Pharmaceuticals in the third quarter worth about $252,000. Finally, Janus Henderson Group PLC purchased a new stake in Arena Pharmaceuticals in the second quarter worth about $275,000. Institutional investors and hedge funds own 84.81% of the company’s stock.
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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