Arena Pharmaceuticals, Inc. (ARNA) Earns Overweight Rating from Analysts at Cantor Fitzgerald
Equities researchers at Cantor Fitzgerald began coverage on shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set an “overweight” rating and a $4.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 205.34% from the company’s previous close.
Several other equities research analysts also recently commented on ARNA. Zacks Investment Research upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, February 28th. FBR & Co restated an “outperform” rating and issued a $60.00 target price on shares of Arena Pharmaceuticals in a research note on Thursday, March 16th. Finally, Leerink Swann assumed coverage on shares of Arena Pharmaceuticals in a research note on Friday, May 19th. They issued an “outperform” rating and a $50.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $41.20.
Arena Pharmaceuticals (NASDAQ ARNA) opened at 1.31 on Thursday. Arena Pharmaceuticals has a 52-week low of $1.13 and a 52-week high of $1.94. The company’s market capitalization is $415.84 million. The stock has a 50 day moving average of $1.30 and a 200-day moving average of $1.42. Shares of Arena Pharmaceuticals are scheduled to reverse split on Monday, June 19th. The 1-10 reverse split was announced on Wednesday, June 14th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, June 16th.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by $0.08. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The firm had revenue of $6.60 million during the quarter, compared to analyst estimates of $4.84 million. During the same quarter in the prior year, the firm posted ($0.90) EPS. The firm’s revenue for the quarter was down 33.0% on a year-over-year basis. On average, equities analysts forecast that Arena Pharmaceuticals will post ($0.33) earnings per share for the current year.
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In other Arena Pharmaceuticals news, insider Amit Munshi purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The stock was acquired at an average cost of $1.41 per share, with a total value of $70,500.00. Following the completion of the acquisition, the insider now directly owns 1,875 shares of the company’s stock, valued at approximately $2,643.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.14% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARNA. Tudor Investment Corp Et Al boosted its position 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 worth $103,000 after buying an additional 48,181 shares in the last quarter. Norges Bank acquired a new position in Arena Pharmaceuticals during the fourth quarter worth about $1,785,000. State Street Corp boosted its position in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock worth $8,847,000 after buying an additional 350,997 shares in the last quarter. Renaissance Technologies LLC boosted its position 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 worth $10,682,000 after buying an additional 585,759 shares in the last quarter. Finally, Senzar Asset Management LLC acquired a new position in Arena Pharmaceuticals during the fourth quarter worth about $2,666,000. 34.87% of the stock is owned by institutional investors and hedge funds.
About Arena Pharmaceuticals
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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