Arena Pharmaceuticals Inc. (NASDAQ:ARNA) Receives Average Rating of “Hold” from Analysts
Shares of Arena Pharmaceuticals Inc. (NASDAQ:ARNA) have been assigned a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the stock. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $3.83.
Several research firms have weighed in on ARNA. Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Saturday, August 13th. JPMorgan Chase & Co. restated a “hold” rating on shares of Arena Pharmaceuticals in a research note on Monday, August 8th. Jefferies Group restated a “buy” rating on shares of Arena Pharmaceuticals in a research note on Wednesday, August 10th. Finally, FBR & Co began coverage on Arena Pharmaceuticals in a research note on Thursday, September 15th. They set an “outperform” rating and a $6.00 target price for the company.
Several hedge funds and other institutional investors have recently made changes to their positions in ARNA. LPL Financial LLC boosted its position in shares of Arena Pharmaceuticals by 8.0% in the first quarter. LPL Financial LLC now owns 67,700 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 5,000 shares during the last quarter. BlackRock Advisors LLC boosted its position in shares of Arena Pharmaceuticals by 6.2% in the second quarter. BlackRock Advisors LLC now owns 119,443 shares of the biopharmaceutical company’s stock worth $204,000 after buying an additional 7,010 shares during the last quarter. KCG Holdings Inc. boosted its position in shares of Arena Pharmaceuticals by 162.6% in the second quarter. KCG Holdings Inc. now owns 136,462 shares of the biopharmaceutical company’s stock worth $233,000 after buying an additional 84,497 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Arena Pharmaceuticals by 5.5% in the second quarter. Nationwide Fund Advisors now owns 161,031 shares of the biopharmaceutical company’s stock worth $275,000 after buying an additional 8,427 shares during the last quarter. Finally, Advisor Group Inc. purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth approximately $341,000. Institutional investors own 48.41% of the company’s stock.
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Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 3.254% during midday trading on Tuesday, hitting $1.745. The company had a trading volume of 701,028 shares. The stock’s market capitalization is $424.48 million. The stock’s 50-day moving average price is $1.63 and its 200-day moving average price is $1.71. Arena Pharmaceuticals has a one year low of $1.30 and a one year high of $2.68.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.01. The company had revenue of $9.50 million for the quarter, compared to analyst estimates of $10.44 million. Arena Pharmaceuticals had a negative return on equity of 226.09% and a negative net margin of 291.35%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.11) EPS. Analysts predict that Arena Pharmaceuticals will post ($0.35) EPS for the current year.
About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing small molecule drugs that target G protein-coupled receptors (GPCRs). The Company’s drug, Lorcaserin, is approved for marketing in the United States and South Korea for the indication of weight management, and is being commercialized under the brand name, BELVIQ.
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