Arena Pharmaceuticals’s Hold Rating Reaffirmed at Needham & Company (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company in a research note issued to investors on Wednesday, AnalystRatingsNetwork reports.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 1.09% on Wednesday, hitting $4.62. The stock had a trading volume of 1,629,806 shares. Arena Pharmaceuticals has a 52-week low of $4.20 and a 52-week high of $11.00. The stock’s 50-day moving average is $5.64 and its 200-day moving average is $7.2. The company’s market cap is $1.008 billion.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted ($0.12) earnings per share. The company’s revenue for the quarter was up 214.6% on a year-over-year basis. Analysts expect that Arena Pharmaceuticals will post $-0.14 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Cowen and Company initiated coverage on shares of Arena Pharmaceuticals in a research note to investors on Thursday, October 3rd. They set a “market perform” rating and a $4.50 price target on the stock. Separately, analysts at Credit Suisse cut their price target on shares of Arena Pharmaceuticals from $5.00 to $4.00 in a research note to investors on Monday, September 30th. They now have an “underperform” rating on the stock. Finally, analysts at Zacks downgraded shares of Arena Pharmaceuticals 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $8.15.
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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