Arena Pharmaceuticals (ARNA) Upgraded to “Strong-Buy” by BidaskClub

Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Other equities research analysts have also issued reports about the company. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. Cantor Fitzgerald restated a “buy” rating and issued a $37.00 target price on shares of Arena Pharmaceuticals in a report on Monday, September 25th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $36.00.

Arena Pharmaceuticals (NASDAQ ARNA) traded down $0.24 on Friday, reaching $30.75. The company had a trading volume of 433,712 shares, compared to its average volume of 447,231. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $31.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.42 and a quick ratio of 4.32.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The firm had revenue of $7.95 million during the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the company earned ($0.05) EPS. The company’s revenue for the quarter was down 58.6% on a year-over-year basis. equities analysts expect that Arena Pharmaceuticals will post -3 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of ARNA. TIAA CREF Investment Management LLC increased its position in Arena Pharmaceuticals by 12.7% in the 1st quarter. TIAA CREF Investment Management LLC now owns 781,492 shares of the biopharmaceutical company’s stock worth $1,141,000 after buying an additional 88,301 shares during the period. Vanguard Group Inc. increased its position in Arena Pharmaceuticals by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after buying an additional 910,434 shares during the period. Geode Capital Management LLC increased its position in Arena Pharmaceuticals by 6.8% in the 1st quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock worth $2,739,000 after buying an additional 119,336 shares during the period. Schwab Charles Investment Management Inc. increased its position in Arena Pharmaceuticals by 25.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,078,955 shares of the biopharmaceutical company’s stock worth $1,576,000 after buying an additional 215,844 shares during the period. Finally, Bank of America Corp DE increased its position in Arena Pharmaceuticals by 102.0% in the 1st 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 during the period. 73.03% of the stock is currently owned by institutional investors.

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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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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