ValuEngine downgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a strong sell rating in a research note published on Tuesday morning, ValuEngine reports.

Other equities analysts have also issued research reports about the company. TheStreet lowered Arena Pharmaceuticals from a b rating to a c+ rating in a research note on Wednesday, August 7th. BidaskClub lowered Arena Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, August 27th. Zacks Investment Research lowered Arena Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, May 15th. Finally, Royal Bank of Canada reaffirmed a buy rating and set a $79.00 price target on shares of Arena Pharmaceuticals in a research note on Sunday, August 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Arena Pharmaceuticals presently has an average rating of Buy and a consensus target price of $63.67.

Arena Pharmaceuticals stock opened at $52.58 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 36.51 and a current ratio of 36.51. Arena Pharmaceuticals has a 52 week low of $31.97 and a 52 week high of $64.48. The firm has a market cap of $2.59 billion, a P/E ratio of -17.82 and a beta of 1.54. The business’s fifty day moving average is $56.19 and its two-hundred day moving average is $53.04.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.22). Arena Pharmaceuticals had a net margin of 72.84% and a return on equity of 53.92%. The firm had revenue of $1.02 million for the quarter, compared to analyst estimates of $2.91 million. During the same period last year, the company earned ($0.65) EPS. The company’s revenue was down 74.4% compared to the same quarter last year. On average, equities research analysts predict that Arena Pharmaceuticals will post 8.51 earnings per share for the current year.

In other Arena Pharmaceuticals news, EVP Steven W. Spector sold 31,457 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.72, for a total value of $1,595,499.04. Following the transaction, the executive vice president now owns 22,964 shares of the company’s stock, valued at $1,164,734.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Vincent Aurentz sold 65,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.72, for a total value of $3,296,800.00. Following the completion of the transaction, the vice president now directly owns 25,000 shares in the company, valued at approximately $1,268,000. The disclosure for this sale can be found here. Corporate insiders own 2.73% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in ARNA. Victory Capital Management Inc. acquired a new position in Arena Pharmaceuticals in the first quarter valued at about $30,270,000. Nuveen Asset Management LLC acquired a new position in Arena Pharmaceuticals in the second quarter valued at about $26,560,000. ETF Managers Group LLC acquired a new position in Arena Pharmaceuticals in the second quarter valued at about $23,749,000. Invesco Ltd. lifted its stake in Arena Pharmaceuticals by 3,642.0% in the second quarter. Invesco Ltd. now owns 223,619 shares of the biopharmaceutical company’s stock valued at $13,111,000 after buying an additional 217,643 shares during the period. Finally, Rubric Capital Management LP lifted its stake in Arena Pharmaceuticals by 33.2% in the first quarter. Rubric Capital Management LP now owns 857,103 shares of the biopharmaceutical company’s stock valued at $38,424,000 after buying an additional 213,706 shares during the period. 82.57% of the stock is currently owned by hedge funds and other institutional investors.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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