Arena Pharmaceuticals (NASDAQ:ARNA)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday.
The analysts wrote, “Arena mgmt provided a corporate update today in a 4Q17 conference call. Mgmt reiterated guidance for top-line results from etrasimod Phase 2 trial in Ulcerative Colitis (UC) later this month. Preclinical and Phase 1 data suggest the drug has the potential for differentiation in the S1P receptor modulator space. We await outcome, maintaining HOLD. Mgmt also discussed ralinepag Phase 3 trial design in Pulmonary Arterial Hypertension (PAH). Three trials are planned, two of which mgmt believes are independently sufficient for regulatory approval. Mgmt plans to provide more details around cost and time to completion mid-2018 after protocols are finalized.””
Several other equities analysts have also recently weighed in on the company. BidaskClub cut Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 27th. Wells Fargo & Co raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 3rd. Zacks Investment Research raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, March 9th. Citigroup increased their price target on Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Finally, JMP Securities increased their price target on Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.13.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.62) by $0.27. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The company had revenue of $15.40 million for the quarter, compared to the consensus estimate of $5.75 million. During the same quarter in the prior year, the business posted $1.60 EPS. The firm’s quarterly revenue was down 77.8% compared to the same quarter last year. research analysts predict that Arena Pharmaceuticals will post -3.13 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the stock. Teachers Advisors LLC raised its holdings in Arena Pharmaceuticals by 7.3% in the 4th quarter. Teachers Advisors LLC now owns 404,528 shares of the biopharmaceutical company’s stock worth $13,742,000 after purchasing an additional 27,348 shares during the period. Point72 Asset Management L.P. bought a new position in Arena Pharmaceuticals in the 3rd quarter worth $9,973,000. Geode Capital Management LLC raised its holdings in Arena Pharmaceuticals by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 351,181 shares of the biopharmaceutical company’s stock worth $11,929,000 after purchasing an additional 12,186 shares during the period. Macquarie Group Ltd. raised its holdings in Arena Pharmaceuticals by 12.7% in the 4th quarter. Macquarie Group Ltd. now owns 225,400 shares of the biopharmaceutical company’s stock worth $7,657,000 after purchasing an additional 25,400 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in Arena Pharmaceuticals by 16.6% in the 4th 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 period. 73.31% 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).
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