Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have been assigned a consensus recommendation of “Buy” from the eleven brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $60.38.

Several research firms have recently issued reports on ARNA. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. ValuEngine raised Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 1st. Royal Bank of Canada began coverage on Arena Pharmaceuticals in a research note on Thursday, May 31st. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Credit Suisse Group decreased their price target on Arena Pharmaceuticals from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, August 7th.

In related news, EVP Steven W. Spector sold 29,005 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $36.01, for a total transaction of $1,044,470.05. Following the completion of the transaction, the executive vice president now owns 48,695 shares of the company’s stock, valued at $1,753,506.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.92% of the company’s stock.

A number of hedge funds have recently made changes to their positions in ARNA. Meeder Asset Management Inc. boosted its stake in Arena Pharmaceuticals by 248.1% during the second quarter. Meeder Asset Management Inc. now owns 2,684 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 1,913 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Arena Pharmaceuticals by 191.5% during the first quarter. Quantbot Technologies LP now owns 3,918 shares of the biopharmaceutical company’s stock valued at $154,000 after purchasing an additional 2,574 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in shares of Arena Pharmaceuticals during the first quarter valued at $225,000. Amalgamated Bank purchased a new stake in shares of Arena Pharmaceuticals during the first quarter valued at $225,000. Finally, Smith Asset Management Group LP purchased a new stake in shares of Arena Pharmaceuticals during the second quarter valued at $248,000. 81.93% of the stock is owned by institutional investors and hedge funds.

NASDAQ:ARNA opened at $41.58 on Friday. Arena Pharmaceuticals has a 1 year low of $24.13 and a 1 year high of $50.05. The firm has a market capitalization of $2.08 billion, a PE ratio of -15.81 and a beta of 1.48. The company has a quick ratio of 28.76, a current ratio of 28.76 and a debt-to-equity ratio of 0.10.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Monday, August 6th. The biopharmaceutical company reported ($0.65) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.64) by ($0.01). Arena Pharmaceuticals had a negative return on equity of 25.90% and a negative net margin of 377.94%. The business had revenue of $4.00 million during the quarter, compared to the consensus estimate of $3.91 million. During the same period in the previous year, the company posted ($0.77) EPS. The company’s revenue for the quarter was up 110.5% compared to the same quarter last year. sell-side analysts predict that Arena Pharmaceuticals will post -2.88 earnings per share for the current year.

About Arena Pharmaceuticals

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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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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