B. Riley Financial Inc. Purchases New Position in Arena Pharmaceuticals, Inc. (ARNA)
B. Riley Financial Inc. acquired a new stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,010 shares of the biopharmaceutical company’s stock, valued at approximately $204,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Great West Life Assurance Co. Can lifted its position in shares of Arena Pharmaceuticals by 128.2% in the third quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after buying an additional 2,466 shares during the last quarter. Strs Ohio acquired a new stake in shares of Arena Pharmaceuticals in the second quarter valued at approximately $156,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Arena Pharmaceuticals in the third quarter valued at approximately $252,000. Legal & General Group Plc lifted its position in shares of Arena Pharmaceuticals by 46.8% in the third quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock valued at $264,000 after buying an additional 3,302 shares during the last quarter. Finally, Airain ltd acquired a new stake in shares of Arena Pharmaceuticals in the second quarter valued at approximately $178,000. 72.85% of the stock is owned by institutional investors.
Several research firms recently weighed in on ARNA. BidaskClub raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 2nd. Cantor Fitzgerald reissued a “buy” rating and set a $37.00 price target on shares of Arena Pharmaceuticals in a report on Monday, September 25th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.00.
Shares of Arena Pharmaceuticals, Inc. (ARNA) opened at $30.75 on Thursday. 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, Inc. has a fifty-two week low of $11.30 and a fifty-two week high of $31.75.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly 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. The business had revenue of $7.95 million during the quarter, compared to analysts’ expectations of $5.48 million. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The firm’s revenue for the quarter was down 58.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) EPS. analysts predict that Arena Pharmaceuticals, Inc. will post -3 earnings per share for the current fiscal year.
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Arena Pharmaceuticals 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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