Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Price Target Increased to $37.00 by Analysts at Citigroup Inc.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) had its price objective lifted by research analysts at Citigroup Inc. from $23.00 to $37.00 in a report issued on Tuesday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup Inc.’s price target would indicate a potential upside of 42.31% from the company’s current price.
Several other research firms have also recently weighed in on ARNA. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Cantor Fitzgerald started coverage on Arena Pharmaceuticals in a report on Thursday, June 15th. They issued an “overweight” rating and a $4.00 price objective for the company. Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Finally, Leerink Swann started coverage on Arena Pharmaceuticals in a report on Friday, May 19th. They issued an “outperform” rating and a $50.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Arena Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $38.83.
Arena Pharmaceuticals (NASDAQ:ARNA) traded up 41.38% during mid-day trading on Tuesday, reaching $26.00. The company had a trading volume of 14,968,233 shares. The stock’s market capitalization is $825.32 million. The stock has a 50 day moving average price of $13.76 and a 200-day moving average price of $14.27. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $27.86.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.82) by $0.08. The company had revenue of $6.60 million for the quarter, compared to analysts’ expectations of $4.84 million. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The company’s revenue was down 33.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.90) earnings per share. Equities analysts anticipate that Arena Pharmaceuticals will post ($3.14) EPS for the current fiscal year.
In related news, insider Amit Munshi acquired 25,000 shares of Arena Pharmaceuticals stock in a transaction that occurred on Friday, May 12th. The stock was bought at an average price of $1.19 per share, with a total value of $29,750.00. Following the transaction, the insider now directly owns 76,875 shares in the company, valued at $91,481.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.88% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Tudor Investment Corp Et Al raised its stake in 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 during the last quarter. Norges Bank bought a new position in Arena Pharmaceuticals during the fourth quarter valued at $1,785,000. State Street Corp increased its position in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock valued at $8,847,000 after buying an additional 350,997 shares during the period. Renaissance Technologies LLC increased its position in Arena Pharmaceuticals by 8.4% in the fourth quarter. Renaissance Technologies LLC now owns 7,522,255 shares of the biopharmaceutical company’s stock valued at $10,682,000 after buying an additional 585,759 shares during the period. Finally, AXA increased its position in Arena Pharmaceuticals by 1,420.6% in the first quarter. AXA now owns 568,700 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 531,300 shares during the period.
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).
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