Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday. They presently have a $37.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 60.87% from the company’s current price.

The analysts wrote, “We continue to view Phase 2 data as about as good as it gets. Despite facing comparisons with Phase 2 data for a drug, selexipag, that benefited from trial idiosyncrasies (subject randomization imbalances), the improvement in pulmonary vascular resistance (PVR) associated with treatment in the ralinepag Phase 2 trial (-30% vs. placebo and -20% vs. baseline) was at the high end of a range of effects noted to us by a physician knowledgeable in the care of patients with PAH and the development of therapies for it.””

Other analysts have also recently issued research reports about the stock. Citigroup Inc. raised their target price on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Tuesday, July 4th. ValuEngine upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. BidaskClub upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $36.00.

Arena Pharmaceuticals (NASDAQ:ARNA) opened at 23.00 on Monday. Arena Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $27.86. The stock’s 50 day moving average is $16.71 and its 200-day moving average is $14.85. The firm’s market cap is $730.09 million.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by $0.08. The company 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 108.77% and a negative net margin of 19.07%. The business’s quarterly revenue was down 33.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.90) EPS. On average, analysts anticipate that Arena Pharmaceuticals will post ($3.14) earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “Cantor Fitzgerald Reiterates “Overweight” Rating for Arena Pharmaceuticals, Inc. (ARNA)” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another domain, it was copied illegally and republished in violation of international copyright & trademark laws. The correct version of this article can be read at https://www.americanbankingnews.com/2017/07/17/arena-pharmaceuticals-inc-arna-stock-rating-reaffirmed-by-cantor-fitzgerald.html.

In other Arena Pharmaceuticals news, insider Amit Munshi acquired 25,000 shares of the company’s stock in a transaction on Friday, May 12th. The stock was acquired at an average price of $1.19 per share, for a total transaction of $29,750.00. Following the purchase, the insider now directly owns 76,875 shares of the company’s stock, valued at $91,481.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.88% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of Arena Pharmaceuticals by 2.4% in the first quarter. Wellington Management Group LLP now owns 23,583,115 shares of the biopharmaceutical company’s stock valued at $34,432,000 after buying an additional 547,663 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock valued at $29,063,000 after buying an additional 910,434 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock valued at $12,380,000 after buying an additional 957,190 shares during the last quarter. State Street Corp boosted its position in shares of 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 last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock valued at $2,739,000 after buying an additional 119,336 shares during the last quarter.

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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

Receive News & Ratings for Arena Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.