Marshall Wace North America L.P. trimmed its stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 46.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 390,499 shares of the biopharmaceutical company’s stock after selling 333,789 shares during the quarter. Marshall Wace North America L.P. owned 0.79% of Arena Pharmaceuticals worth $17,971,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Arena Pharmaceuticals by 2.9% in the third quarter. Vanguard Group Inc. now owns 4,669,780 shares of the biopharmaceutical company’s stock worth $214,903,000 after purchasing an additional 130,019 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Arena Pharmaceuticals by 134.5% in the third quarter. Legal & General Group Plc now owns 18,634 shares of the biopharmaceutical company’s stock worth $858,000 after purchasing an additional 10,688 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Arena Pharmaceuticals by 14.7% in the third quarter. AQR Capital Management LLC now owns 42,391 shares of the biopharmaceutical company’s stock worth $1,951,000 after purchasing an additional 5,441 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Arena Pharmaceuticals by 6.5% in the third quarter. Macquarie Group Ltd. now owns 521,800 shares of the biopharmaceutical company’s stock worth $24,013,000 after purchasing an additional 31,800 shares during the last quarter. Finally, HRT Financial LLC purchased a new position in shares of Arena Pharmaceuticals in the third quarter worth $405,000. Hedge funds and other institutional investors own 80.35% of the company’s stock.
Several research analysts have recently weighed in on ARNA shares. BidaskClub upgraded Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 19th. Cantor Fitzgerald set a $65.00 price target on Arena Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, September 24th. ValuEngine upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. Needham & Company LLC set a $60.00 price target on Arena Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, November 15th. Finally, Royal Bank of Canada boosted their price target on Arena Pharmaceuticals to $70.00 and gave the stock an “outperform” rating in a research note on Friday, November 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arena Pharmaceuticals has a consensus rating of “Buy” and an average target price of $64.13.
Arena Pharmaceuticals stock opened at $40.55 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 26.08 and a quick ratio of 26.08. Arena Pharmaceuticals, Inc. has a one year low of $29.52 and a one year high of $50.05.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.04. The company had revenue of $3.57 million during the quarter, compared to analysts’ expectations of $2.29 million. Arena Pharmaceuticals had a negative return on equity of 23.66% and a negative net margin of 452.86%. Arena Pharmaceuticals’s revenue for the quarter was up 47.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.93) earnings per share. On average, equities analysts expect that Arena Pharmaceuticals, Inc. will post -2.91 EPS for the current year.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.
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