Arena Pharmaceuticals’ (ARNA) Hold Rating Reaffirmed at Needham & Company LLC
Arena Pharmaceuticals Inc. (NASDAQ:ARNA)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a report issued on Thursday.
A number of other analysts have also issued reports on ARNA. FBR & Co reiterated a “buy” rating and issued a $6.00 price target on shares of Arena Pharmaceuticals in a report on Wednesday. JPMorgan Chase & Co. reissued a “hold” rating on shares of Arena Pharmaceuticals in a research note on Monday, August 8th. Zacks Investment Research downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, August 11th. Finally, Jefferies Group reissued a “buy” rating on shares of Arena Pharmaceuticals in a research note on Wednesday, August 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $3.08.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 1.59 on Thursday. Arena Pharmaceuticals has a 52 week low of $1.30 and a 52 week high of $2.68. The firm’s 50-day moving average price is $1.65 and its 200 day moving average price is $1.68. The stock’s market capitalization is $386.78 million.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.02. Arena Pharmaceuticals had a negative return on equity of 262.46% and a negative net margin of 197.50%. The business earned $19.20 million during the quarter, compared to analyst estimates of $13.99 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. The company’s revenue for the quarter was up 111.0% compared to the same quarter last year. Analysts expect that Arena Pharmaceuticals will post ($0.34) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in ARNA. Rhumbline Advisers raised its stake in Arena Pharmaceuticals by 1.9% in the second quarter. Rhumbline Advisers now owns 253,279 shares of the biopharmaceutical company’s stock valued at $433,000 after buying an additional 4,630 shares during the last quarter. Teachers Advisors Inc. raised its stake in Arena Pharmaceuticals by 4.4% in the second quarter. Teachers Advisors Inc. now owns 366,145 shares of the biopharmaceutical company’s stock valued at $626,000 after buying an additional 15,307 shares during the last quarter. TFS Capital LLC raised its stake in Arena Pharmaceuticals by 705.8% in the second quarter. TFS Capital LLC now owns 222,736 shares of the biopharmaceutical company’s stock valued at $381,000 after buying an additional 195,094 shares during the last quarter. Globeflex Capital L P acquired a new stake in Arena Pharmaceuticals during the second quarter valued at approximately $977,000. Finally, BlackRock Fund Advisors raised its stake in Arena Pharmaceuticals by 6.8% in the second quarter. BlackRock Fund Advisors now owns 9,550,942 shares of the biopharmaceutical company’s stock valued at $16,332,000 after buying an additional 609,863 shares during the last quarter. 48.50% of the stock is currently owned by hedge funds and other institutional investors.
About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing small molecule drugs that target G protein-coupled receptors (GPCRs). The Company’s drug, Lorcaserin, is approved for marketing in the United States and South Korea for the indication of weight management, and is being commercialized under the brand name, BELVIQ.
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