Equities research analysts at Credit Suisse Group initiated coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm set an “outperform” rating and a $44.00 price target on the biopharmaceutical company’s stock. Credit Suisse Group’s target price would indicate a potential upside of 28.96% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald restated a “buy” rating and issued a $45.00 price objective on shares of Arena Pharmaceuticals in a research report on Wednesday. BidaskClub upgraded shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 2nd. Zacks Investment Research cut shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Leerink Swann restated a “positive” rating and issued a $56.00 price objective (up previously from $53.00) on shares of Arena Pharmaceuticals in a research report on Wednesday. Finally, Wells Fargo & Co upgraded shares of Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. Arena Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $38.38.

Arena Pharmaceuticals (NASDAQ:ARNA) opened at $34.12 on Wednesday. Arena Pharmaceuticals has a 1-year low of $11.30 and a 1-year high of $41.92. The stock has a market cap of $1,349.09, a PE ratio of -36.69 and a beta of 1.50. 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 (NASDAQ:ARNA) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The firm had revenue of $7.95 million during the quarter, compared to the consensus estimate of $5.48 million. During the same period last year, the firm posted ($0.05) EPS. The firm’s quarterly revenue was down 58.6% on a year-over-year basis. equities analysts predict that Arena Pharmaceuticals will post -3.13 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Great West Life Assurance Co. Can increased its position in Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after acquiring an additional 2,466 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth approximately $174,000. B. Riley Financial Inc. acquired a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth approximately $204,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Arena Pharmaceuticals during the 3rd quarter worth approximately $252,000. Finally, Legal & General Group Plc grew its position in shares of Arena Pharmaceuticals by 46.8% during the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after buying an additional 3,302 shares during the period. Hedge funds and other institutional investors 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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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