Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have been given a consensus recommendation of “Buy” by the six brokerages that are covering the firm. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $5.50.

A number of brokerages recently issued reports on ARNA. FBR & Co reiterated an “outperform” rating and set a $6.00 target price on shares of Arena Pharmaceuticals in a research report on Thursday, March 16th. Zacks Investment Research upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, February 28th. Finally, Leerink Swann began coverage on shares of Arena Pharmaceuticals in a research report on Friday, May 19th. They set an “outperform” rating and a $5.00 target price for the company.

Arena Pharmaceuticals (NASDAQ:ARNA) opened at 1.36 on Friday. The firm’s 50-day moving average is $1.32 and its 200-day moving average is $1.44. The firm’s market capitalization is $431.71 million. Arena Pharmaceuticals has a 1-year low of $1.13 and a 1-year high of $2.16.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $6.60 million for the quarter, compared to analyst estimates of $4.84 million. Arena Pharmaceuticals had a negative return on equity of 336.85% and a negative net margin of 197.50%. The company’s revenue for the quarter was down 33.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) EPS. On average, equities analysts anticipate that Arena Pharmaceuticals will post ($0.34) EPS for the current year.

In other news, insider Amit Munshi bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The stock was acquired at an average price of $1.41 per share, for a total transaction of $70,500.00. Following the transaction, the insider now directly owns 1,875 shares of the company’s stock, valued at approximately $2,643.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.14% of the company’s stock.

A number of large investors have recently modified their holdings of the company. Tudor Investment Corp Et Al raised its stake in shares of Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 48,181 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Arena Pharmaceuticals by 102.0% in the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock worth $141,000 after buying an additional 48,667 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in shares of Arena Pharmaceuticals by 95.4% in the first quarter. Tudor Investment Corp ET AL now owns 141,225 shares of the biopharmaceutical company’s stock worth $206,000 after buying an additional 68,966 shares in the last quarter. A.R.T. Advisors LLC raised its stake in shares of Arena Pharmaceuticals by 485.3% in the fourth quarter. A.R.T. Advisors LLC now owns 155,100 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 128,600 shares in the last quarter. Finally, American International Group Inc. raised its stake in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 9,959 shares in the last quarter. 48.99% of the stock is currently owned by hedge funds and other institutional investors.

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About Arena Pharmaceuticals

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).

12 Month Chart for NASDAQ:ARNA

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