ValuEngine Upgrades Arena Pharmaceuticals (NASDAQ:ARNA) to “Hold”

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Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Tuesday, ValuEngine reports.

Several other analysts also recently weighed in on ARNA. TheStreet downgraded shares of Arena Pharmaceuticals from a “b” rating to a “c+” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “buy” rating and set a $79.00 price objective on shares of Arena Pharmaceuticals in a research note on Sunday, August 11th. Bank of America started coverage on shares of Arena Pharmaceuticals in a research note on Wednesday, November 13th. They set a “neutral” rating and a $51.00 price objective for the company. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating and set a $52.00 price objective for the company. in a research note on Wednesday, November 27th. Finally, Wood & Company reaffirmed a “sell” rating on shares of Arena Pharmaceuticals in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Arena Pharmaceuticals has a consensus rating of “Hold” and an average price target of $62.67.

Arena Pharmaceuticals stock opened at $46.28 on Tuesday. The company has a quick ratio of 21.90, a current ratio of 21.90 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.37 billion, a PE ratio of -15.69 and a beta of 1.53. The firm has a fifty day simple moving average of $47.98 and a two-hundred day simple moving average of $53.40. Arena Pharmaceuticals has a twelve month low of $35.04 and a twelve month high of $64.48.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.32) by ($0.14). The business had revenue of $1.35 million during the quarter, compared to the consensus estimate of $2.06 million. Arena Pharmaceuticals had a return on equity of 42.34% and a net margin of 68.29%. The business’s revenue for the quarter was down 62.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.70) earnings per share. As a group, equities analysts expect that Arena Pharmaceuticals will post 8.16 earnings per share for the current fiscal year.

In other news, Director Randall E. Woods sold 3,046 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $46.73, for a total transaction of $142,339.58. Following the completion of the transaction, the director now directly owns 17,276 shares of the company’s stock, valued at $807,307.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Vincent Aurentz sold 65,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.72, for a total transaction of $3,296,800.00. Following the transaction, the vice president now directly owns 25,000 shares of the company’s stock, valued at $1,268,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,932 shares of company stock valued at $5,237,620. Insiders own 2.73% of the company’s stock.

Several large investors have recently modified their holdings of the company. Man Group plc increased its position in shares of Arena Pharmaceuticals by 116.9% during the third quarter. Man Group plc now owns 362,975 shares of the biopharmaceutical company’s stock valued at $16,613,000 after buying an additional 195,610 shares during the period. Partner Investment Management L.P. increased its position in shares of Arena Pharmaceuticals by 59.0% during the third quarter. Partner Investment Management L.P. now owns 28,877 shares of the biopharmaceutical company’s stock valued at $1,322,000 after buying an additional 10,718 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Arena Pharmaceuticals by 60.6% during the third quarter. Public Employees Retirement System of Ohio now owns 19,837 shares of the biopharmaceutical company’s stock valued at $908,000 after buying an additional 7,489 shares during the period. Point72 Asset Management L.P. increased its position in shares of Arena Pharmaceuticals by 69.7% during the third quarter. Point72 Asset Management L.P. now owns 154,019 shares of the biopharmaceutical company’s stock valued at $7,049,000 after buying an additional 63,284 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Arena Pharmaceuticals during the third quarter valued at about $119,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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