Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has received an average recommendation of “Buy” from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $94.40.
A number of research analysts have recently commented on the company. Zacks Investment Research cut Arena Pharmaceuticals from a “hold” rating to a “strong sell” rating and set a $56.00 target price for the company. in a research note on Tuesday, May 4th. Citigroup assumed coverage on Arena Pharmaceuticals in a research note on Tuesday, April 27th. They set a “buy” rating and a $104.00 price objective for the company. Cantor Fitzgerald lowered their price objective on Arena Pharmaceuticals from $106.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, March 3rd. HC Wainwright lifted their price objective on Arena Pharmaceuticals from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, March 26th. Finally, Jonestrading reduced their target price on Arena Pharmaceuticals from $101.00 to $94.00 and set a “buy” rating for the company in a report on Wednesday, March 3rd.
Large investors have recently added to or reduced their stakes in the business. IndexIQ Advisors LLC bought a new stake in Arena Pharmaceuticals during the first quarter valued at about $27,000. First Mercantile Trust Co. grew its holdings in Arena Pharmaceuticals by 82.1% during the fourth quarter. First Mercantile Trust Co. now owns 1,435 shares of the biopharmaceutical company’s stock valued at $110,000 after purchasing an additional 647 shares during the period. E Fund Management Co. Ltd. bought a new stake in Arena Pharmaceuticals during the first quarter valued at about $125,000. Cutler Group LP grew its holdings in Arena Pharmaceuticals by 9.9% during the first quarter. Cutler Group LP now owns 2,500 shares of the biopharmaceutical company’s stock valued at $173,000 after purchasing an additional 225 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in Arena Pharmaceuticals during the first quarter valued at about $201,000. 91.28% of the stock is owned by institutional investors and hedge funds.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Tuesday, May 4th. The biopharmaceutical company reported ($1.98) earnings per share for the quarter, topping the consensus estimate of ($2.16) by $0.18. During the same period in the previous year, the firm posted ($2.00) earnings per share. On average, equities research analysts anticipate that Arena Pharmaceuticals will post -7.96 EPS for the current fiscal year.
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 Etrasimod (APD334) that is in Phase III clinical trial for ulcerative colitis, Phase IIb/III clinical trial for Crohn's disease, Phase II clinical trial for alopecia areata, Phase III clinical trial for atopic dermatitis, and Phase IIb clinical trial for eosinophilic esophagitis; Olorinab (APD371), which is in Phase IIb clinical trial for the treatment of abdominal pain associated with irritable bowel syndrome; APD418 that is in Phase I clinical trial for acute heart failure; and Temanogrel for coronary microvascular obstruction is in Phase II clinical trial.
Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.