Credit Suisse Group initiated coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a report issued on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $44.00 target price on the biopharmaceutical company’s stock.
Several other research firms have also issued reports on ARNA. Zacks Investment Research lowered shares of Arena Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, January 10th. Wells Fargo & Co upgraded shares of Arena Pharmaceuticals from a market perform rating to an outperform rating in a research report on Wednesday, January 3rd. Leerink Swann restated a positive rating and issued a $56.00 price target (up previously from $53.00) on shares of Arena Pharmaceuticals in a research report on Wednesday. Cantor Fitzgerald restated a buy rating and issued a $45.00 price target on shares of Arena Pharmaceuticals in a research report on Wednesday. Finally, BidaskClub lowered shares of Arena Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $38.38.
Arena Pharmaceuticals (NASDAQ ARNA) traded up $1.48 during trading on Wednesday, reaching $35.60. 614,725 shares of the company’s stock traded hands, compared to its average volume of 573,423. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42. The firm has a market capitalization of $1,397.76, a price-to-earnings ratio of -38.28 and a beta of 1.50. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $41.92.
A number of institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management LLC acquired a new position in Arena Pharmaceuticals in the 2nd quarter worth approximately $12,183,000. Pictet Asset Management Ltd. acquired a new position in Arena Pharmaceuticals in the 3rd quarter worth approximately $13,656,000. Point72 Asset Management L.P. acquired a new position in Arena Pharmaceuticals in the 3rd quarter worth approximately $9,973,000. JPMorgan Chase & Co. boosted its stake in Arena Pharmaceuticals by 16,992.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock worth $5,361,000 after purchasing an additional 315,895 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in Arena Pharmaceuticals by 16.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 209,085 shares of the biopharmaceutical company’s stock worth $7,103,000 after purchasing an additional 29,732 shares during the period. 72.82% of the stock is owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: “Arena Pharmaceuticals (ARNA) Research Coverage Started at Credit Suisse Group” was first posted by BBNS and is the property of of BBNS. If you are accessing this piece of content on another site, it was stolen and republished in violation of international copyright and trademark law. The legal version of this piece of content can be accessed at https://baseballnewssource.com/markets/arena-pharmaceuticals-arna-research-coverage-started-at-credit-suisse-group/1850062.html.
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).
Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.