Arena Pharmaceuticals, Inc. (ARNA) Stock Rating Reaffirmed by Needham & Company LLC
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “hold” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday.
The analysts wrote, “Arena mgmt hosted a conference call yesterday to provide a 2Q17 quarterly corporate update. Company announced positive results from a 61-pt Phase 2 trial of ralinepag in Pulmonary Arterial Hypertension (PAH) in Jul 2017. We await insight into FDA and EMA requirements for registration. Mgmt is not providing specific guidance, but we assume mtgs can be scheduled by YE17. Other upcoming milestones include top-line results from Phase 2 trials of etrasimod in Ulcerative Colitis (YE17) and APD-371 in pain associated with Crohn’s Disease (YE17).””
A number of other research analysts have also recently commented on the company. BidaskClub cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $37.00 price target on shares of Arena Pharmaceuticals in a research report on Monday, July 17th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $19.00 price target (up previously from $15.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, July 12th. Citigroup Inc. upped their price target on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday, July 11th. Finally, Leerink Swann upped their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Arena Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $36.00.
Arena Pharmaceuticals (NASDAQ ARNA) traded down 9.03% during midday trading on Tuesday, hitting $21.25. The stock had a trading volume of 1,628,833 shares. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $27.86. The stock’s market cap is $674.54 million. The company has a 50-day moving average price of $20.53 and a 200-day moving average price of $15.70.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by $0.03. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The firm had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. During the same period in the prior year, the company earned ($1.10) EPS. The firm’s quarterly revenue was down 31.8% on a year-over-year basis. Equities analysts expect that Arena Pharmaceuticals will post ($3.08) EPS for the current year.
In related news, insider Amit Munshi acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were acquired at an average price of $1.19 per share, with a total value of $29,750.00. Following the acquisition, the insider now owns 76,875 shares of the company’s stock, valued at approximately $91,481.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.88% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its position in 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 period. Vanguard Group Inc. increased its position in 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 period. Renaissance Technologies LLC increased its position in 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 period. 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. Finally, Geode Capital Management LLC increased its position in 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 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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