Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) CMO Preston Klassen sold 16,000 shares of the firm’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $41.69, for a total value of $667,040.00. Following the transaction, the chief marketing officer now owns 16,000 shares of the company’s stock, valued at approximately $667,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shares of NASDAQ:ARNA opened at $43.97 on Friday. The company has a quick ratio of 26.08, a current ratio of 26.08 and a debt-to-equity ratio of 0.10. Arena Pharmaceuticals, Inc. has a 12 month low of $30.00 and a 12 month high of $50.05. The stock has a market capitalization of $2.02 billion, a P/E ratio of -16.72 and a beta of 1.58.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.74) by $0.04. Arena Pharmaceuticals had a negative net margin of 452.86% and a negative return on equity of 23.66%. The firm had revenue of $3.57 million during the quarter, compared to the consensus estimate of $2.29 million. During the same quarter last year, the firm earned ($0.93) EPS. The firm’s revenue for the quarter was up 47.5% compared to the same quarter last year. On average, sell-side analysts forecast that Arena Pharmaceuticals, Inc. will post -2.91 earnings per share for the current year.

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Arena Pharmaceuticals in a research report on Friday, November 23rd. BidaskClub upgraded Arena Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 19th. ValuEngine raised shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 16th. Needham & Company LLC set a $60.00 price target on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, November 15th. Finally, Berenberg Bank assumed coverage on shares of Arena Pharmaceuticals in a report on Thursday, December 13th. They issued a “buy” rating and a $55.00 price target for the company. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Arena Pharmaceuticals has an average rating of “Buy” and an average price target of $61.70.

Several large investors have recently made changes to their positions in ARNA. Rhumbline Advisers increased its position in Arena Pharmaceuticals by 28.9% in the second quarter. Rhumbline Advisers now owns 48,581 shares of the biopharmaceutical company’s stock worth $2,118,000 after purchasing an additional 10,883 shares during the period. Bank of New York Mellon Corp increased its position in Arena Pharmaceuticals by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 243,007 shares of the biopharmaceutical company’s stock worth $10,594,000 after purchasing an additional 17,541 shares during the period. Schwab Charles Investment Management Inc. increased its position in Arena Pharmaceuticals by 17.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 256,650 shares of the biopharmaceutical company’s stock worth $11,190,000 after purchasing an additional 38,740 shares during the period. BlackRock Inc. increased its position in Arena Pharmaceuticals by 12.8% in the second quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock worth $204,613,000 after purchasing an additional 531,508 shares during the period. Finally, Janus Henderson Group PLC acquired a new stake in Arena Pharmaceuticals in the second quarter worth about $275,000. 80.35% of the stock is owned by hedge funds and other institutional investors.

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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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