FY2017 EPS Estimates for Arena Pharmaceuticals, Inc. Increased by Cantor Fitzgerald (NASDAQ:ARNA)
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) – Investment analysts at Cantor Fitzgerald increased their FY2017 EPS estimates for shares of Arena Pharmaceuticals in a research note issued on Wednesday. Cantor Fitzgerald analyst W. Tanner now anticipates that the biopharmaceutical company will post earnings per share of ($2.44) for the year, up from their previous forecast of ($2.74). Cantor Fitzgerald has a “Overweight” rating and a $37.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Arena Pharmaceuticals’ FY2018 earnings at ($2.26) EPS.
ARNA has been the subject of a number of other research reports. Leerink Swann lifted their target price on Arena Pharmaceuticals from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Tuesday, July 4th. JMP Securities upgraded Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a report on Friday, July 7th. They noted that the move was a valuation call. Citigroup Inc. boosted their price target on Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Finally, Wells Fargo & Company restated a “market perform” rating and set a $19.00 price target (up from $15.00) on shares of Arena Pharmaceuticals in a report 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 stock presently has an average rating of “Buy” and an average price target of $36.00.
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Shares of Arena Pharmaceuticals (NASDAQ ARNA) traded up 0.785% during midday trading on Friday, reaching $23.765. 335,015 shares of the company’s stock traded hands. The stock’s market cap is $754.37 million. The stock has a 50 day moving average of $17.29 and a 200-day moving average of $14.98. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $27.86.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 net margin of 19.07% and a negative return on equity of 108.77%. Arena Pharmaceuticals’s revenue for the quarter was down 33.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.90) earnings per share.
A number of institutional investors have recently modified their holdings of the stock. Tudor Investment Corp Et Al raised its position 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 valued at $103,000 after buying an additional 48,181 shares during the period. Bank of America Corp DE raised its position 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 valued at $141,000 after buying an additional 48,667 shares during the period. Tudor Investment Corp ET AL raised its position 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 valued at $206,000 after buying an additional 68,966 shares during the period. American International Group Inc. raised its position 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 valued at $220,000 after buying an additional 9,959 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Arena Pharmaceuticals by 11.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 172,165 shares of the biopharmaceutical company’s stock valued at $251,000 after buying an additional 17,565 shares during the period.
In related news, insider Amit Munshi bought 50,000 shares of Arena Pharmaceuticals stock in a transaction that occurred on Wednesday, April 26th. The shares were acquired at an average cost of $1.41 per share, for a total transaction of $70,500.00. Following the completion of the acquisition, the insider now directly owns 1,875 shares of the company’s stock, valued at approximately $2,643.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.88% of the company’s stock.
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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