HC Wainwright assumed coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a report released on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $90.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 42.97% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Arena Pharmaceuticals in a research report on Tuesday, April 14th. Jefferies Financial Group began coverage on Arena Pharmaceuticals in a report on Monday, May 18th. They issued a “buy” rating and a $62.00 price objective on the stock. Bank of America raised Arena Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $47.00 to $56.00 in a report on Thursday, March 26th. Credit Suisse Group boosted their target price on shares of Arena Pharmaceuticals from $77.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $68.00 price target (up from $56.00) on shares of Arena Pharmaceuticals in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $71.80.

NASDAQ:ARNA opened at $62.95 on Monday. The company has a market cap of $3.16 billion, a P/E ratio of -9.74 and a beta of 1.39. The firm’s fifty day moving average price is $60.00 and its two-hundred day moving average price is $50.06. Arena Pharmaceuticals has a one year low of $32.95 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.67 and a quick ratio of 18.67.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($2.00) EPS for the quarter, topping the consensus estimate of ($2.28) by $0.28. Arena Pharmaceuticals had a negative net margin of 5,727.22% and a negative return on equity of 29.30%. The business had revenue of $0.26 million during the quarter, compared to the consensus estimate of $1.58 million. Arena Pharmaceuticals’s revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $12.10 EPS. As a group, equities research analysts expect that Arena Pharmaceuticals will post -8.78 earnings per share for the current year.

In other Arena Pharmaceuticals news, VP Vincent Aurentz sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $1,625,000.00. Following the completion of the transaction, the vice president now directly owns 10,000 shares in the company, valued at $650,000. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Manmeet Singh Soni sold 1,327 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $60.12, for a total transaction of $79,779.24. Following the transaction, the director now owns 7,533 shares of the company’s stock, valued at $452,883.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,431 shares of company stock valued at $6,996,428. 3.05% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of ARNA. Atlas Private Wealth Management acquired a new position in shares of Arena Pharmaceuticals during the 4th quarter worth $25,000. Allworth Financial LP bought a new position in Arena Pharmaceuticals in the first quarter valued at about $31,000. NWK Group Inc. bought a new position in Arena Pharmaceuticals in the fourth quarter valued at about $36,000. Quantbot Technologies LP raised its stake in Arena Pharmaceuticals by 35.8% during the fourth quarter. Quantbot Technologies LP now owns 815 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 215 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Arena Pharmaceuticals by 84,500.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 846 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 845 shares during the last quarter. Institutional investors own 88.04% of the company’s stock.

Arena Pharmaceuticals Company Profile

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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