Berenberg Bank started coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a report released on Thursday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $55.00 price objective on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Arena Pharmaceuticals to $70.00 and gave the company an outperform rating in a research report on Friday, November 16th. ValuEngine upgraded shares of Arena Pharmaceuticals from a buy rating to a strong-buy rating in a report on Tuesday, October 2nd. Cantor Fitzgerald set a $65.00 target price on shares of Arena Pharmaceuticals and gave the company a buy rating in a report on Monday, September 24th. BidaskClub upgraded shares of Arena Pharmaceuticals from a strong sell rating to a sell rating in a report on Wednesday, September 19th. Finally, Credit Suisse Group boosted their target price on shares of Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an outperform rating in a report on Monday, November 19th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $63.11.

Shares of Arena Pharmaceuticals stock opened at $41.09 on Thursday. The company has a quick ratio of 26.08, a current ratio of 26.08 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals has a 12-month low of $29.52 and a 12-month high of $50.05.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.74) by $0.04. The business had revenue of $3.57 million for the quarter, compared to the consensus estimate of $2.29 million. Arena Pharmaceuticals had a negative net margin of 452.86% and a negative return on equity of 23.66%. The company’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.93) EPS. Equities analysts expect that Arena Pharmaceuticals will post -2.91 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in ARNA. Partner Fund Management L.P. boosted its holdings in shares of Arena Pharmaceuticals by 128.1% during the 3rd quarter. Partner Fund Management L.P. now owns 2,729,555 shares of the biopharmaceutical company’s stock valued at $125,614,000 after buying an additional 1,532,664 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Arena Pharmaceuticals by 305.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock valued at $59,619,000 after buying an additional 1,030,000 shares in the last quarter. Primecap Management Co. CA bought a new stake in shares of Arena Pharmaceuticals during the 3rd quarter valued at $45,486,000. BlackRock Inc. boosted its holdings in shares of Arena Pharmaceuticals by 12.8% during the 2nd quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock valued at $204,613,000 after buying an additional 531,508 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its holdings in shares of Arena Pharmaceuticals by 62.4% during the 3rd quarter. Perceptive Advisors LLC now owns 1,366,978 shares of the biopharmaceutical company’s stock valued at $62,908,000 after buying an additional 525,000 shares in the last quarter. Hedge funds and other institutional investors own 80.35% of the company’s stock.

Arena Pharmaceuticals Company Profile

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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