FBR & Co restated their outperform rating on shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in a research report sent to investors on Thursday. The brokerage currently has a $6.00 price objective on the biopharmaceutical company’s stock.
Several other research firms have also recently weighed in on ARNA. Zacks Investment Research upgraded Arena Pharmaceuticals from a sell rating to a hold rating in a report on Tuesday, February 28th. Needham & Company LLC restated a hold rating on shares of Arena Pharmaceuticals in a report on Saturday, January 7th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $3.88.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 1.505 on Thursday. The company’s market capitalization is $366.20 million. The company’s 50-day moving average price is $1.51 and its 200-day moving average price is $1.54. Arena Pharmaceuticals has a 1-year low of $1.34 and a 1-year high of $2.16.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Tuesday, March 14th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.24. The company had revenue of $85.40 million for the quarter, compared to analysts’ expectations of $14.12 million. Arena Pharmaceuticals had a negative return on equity of 336.85% and a negative net margin of 197.50%. The business’s quarterly revenue was up 994.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.11) earnings per share. On average, equities analysts expect that Arena Pharmaceuticals will post ($0.32) earnings per share for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Arena Pharmaceuticals during the fourth quarter valued at $1,785,000. Senzar Asset Management LLC purchased a new stake in Arena Pharmaceuticals during the fourth quarter valued at $2,666,000. Tudor Investment Corp Et Al boosted its stake in Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 48,181 shares during the period. A.R.T. Advisors LLC boosted its stake in Arena Pharmaceuticals by 485.3% in the fourth quarter. A.R.T. Advisors LLC now owns 155,100 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 128,600 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Arena Pharmaceuticals by 8.4% in the fourth quarter. Renaissance Technologies LLC now owns 7,522,255 shares of the biopharmaceutical company’s stock valued at $10,682,000 after buying an additional 585,759 shares during the period. Institutional investors own 48.99% of the company’s stock.
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).
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