Arena Pharmaceuticals’s Underperform Rating Reaffirmed at Credit Suisse (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA)‘s stock had its “underperform” rating reiterated by Credit Suisse in a research note issued on Monday, AnalystRatingsNetwork.com reports. They currently have a $4.00 price objective on the stock, down from their previous price objective of $5.00. Credit Suisse’s price target would indicate a potential downside of 30.92% from the company’s current price.
The analysts wrote, “As Q3 closes and following a Friday meeting with management, we are lowering our Belviq US net sales estimate for Q3, Q4, and each year through 2018 (2019-2020 are unchanged). We expect consensus will be coming down in the weeks ahead. We think a capital raise may potentially be required next year and have built this into our model. With these changes, our DCF-derived target price goes from $5 to $4.”
Arena Pharmaceuticals (NASDAQ:ARNA) traded down 6.06% on Monday, hitting $5.439. The stock had a trading volume of 1,597,199 shares. Arena Pharmaceuticals has a 1-year low of $5.72 and a 1-year high of $11.00. The stock’s 50-day moving average is $6.45 and its 200-day moving average is $7.51. The company’s market cap is $1.187 billion.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Thursday, August 1st. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.15 by $0.03. The company had revenue of $68.90 million for the quarter, compared to the consensus estimate of $57.30 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. The company’s quarterly revenue was up 214.6% on a year-over-year basis. On average, analysts predict that Arena Pharmaceuticals will post $-0.13 earnings per share for the current fiscal year.
A number of other firms have also recently commented on ARNA. Analysts at Zacks downgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, September 2nd. They now have a $7.90 price target on the stock. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Arena Pharmaceuticals (NASDAQ:ARNA) to $11.50 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Arena Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $8.88.
Arena Pharmaceuticals, Inc (NASDAQ:ARNA) is a biopharmaceutical company focused on discovering, developing and commercializing drugs that target G protein-coupled receptors.
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