Credit Suisse Group Initiates Coverage on Arena Pharmaceuticals (ARNA)
Stock analysts at Credit Suisse Group initiated coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a report issued on Wednesday. The firm set an “outperform” rating and a $44.00 price target on the biopharmaceutical company’s stock. Credit Suisse Group’s price target suggests a potential upside of 29.87% from the stock’s current price.
A number of other equities research analysts have also recently commented on the company. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 2nd. Cantor Fitzgerald reiterated a “buy” rating and set a $37.00 target price on shares of Arena Pharmaceuticals in a report on Monday, September 25th. Wells Fargo & Co upgraded Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 3rd. Zacks Investment Research cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Finally, Leerink Swann reiterated a “positive” rating and set a $56.00 target price (up previously from $53.00) on shares of Arena Pharmaceuticals in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $38.38.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded down $1.07 during trading hours on Wednesday, reaching $33.88. The company’s stock had a trading volume of 1,023,400 shares, compared to its average volume of 866,330. The firm has a market cap of $1,350.00, a PE ratio of -36.04 and a beta of 1.49. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $41.92.
Several hedge funds have recently bought and sold shares of the company. Balyasny Asset Management LLC acquired a new stake in shares of Arena Pharmaceuticals during the second quarter worth $12,183,000. Pictet Asset Management Ltd. acquired a new stake in shares of Arena Pharmaceuticals during the third quarter worth $13,656,000. Point72 Asset Management L.P. acquired a new stake in shares of Arena Pharmaceuticals during the third quarter worth $9,973,000. JPMorgan Chase & Co. boosted its holdings in shares of Arena Pharmaceuticals by 16,992.7% during the second quarter. JPMorgan Chase & Co. now owns 317,754 shares of the biopharmaceutical company’s stock worth $5,361,000 after purchasing an additional 315,895 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Arena Pharmaceuticals by 16.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 209,085 shares of the biopharmaceutical company’s stock worth $7,103,000 after purchasing an additional 29,732 shares during the last quarter. Institutional investors and hedge funds own 72.82% of the company’s stock.
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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).
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