HC Wainwright Reiterates “Buy” Rating for Arena Pharmaceuticals (NASDAQ:ARNA)

Arena Pharmaceuticals (NASDAQ:ARNA)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Friday, PriceTargets.com reports. They currently have a $120.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 99.73% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald cut their target price on Arena Pharmaceuticals from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Tuesday, August 10th. JMP Securities reissued a “buy” rating and set a $105.00 target price on shares of Arena Pharmaceuticals in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Arena Pharmaceuticals in a research note on Wednesday. Finally, Credit Suisse Group dropped their price objective on Arena Pharmaceuticals from $102.00 to $98.00 and set an “outperform” rating for the company in a research note on Friday, August 6th. One analyst has rated the stock with a sell rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Arena Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $94.50.

ARNA opened at $60.08 on Friday. The business has a 50 day moving average price of $57.12 and a two-hundred day moving average price of $63.47. The company has a quick ratio of 15.28, a current ratio of 15.28 and a debt-to-equity ratio of 0.04. The company has a market cap of $3.67 billion, a PE ratio of -7.35 and a beta of 0.49. Arena Pharmaceuticals has a 52 week low of $45.50 and a 52 week high of $90.19.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Wednesday, August 4th. The biopharmaceutical company reported ($2.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.20) by ($0.20). As a group, sell-side analysts expect that Arena Pharmaceuticals will post -8.83 EPS for the current fiscal year.

In other news, EVP Robert Lisicki sold 17,500 shares of Arena Pharmaceuticals stock in a transaction dated Tuesday, August 3rd. The stock was sold at an average price of $60.08, for a total transaction of $1,051,400.00. Following the sale, the executive vice president now directly owns 33,601 shares of the company’s stock, valued at $2,018,748.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amit Munshi bought 1,000 shares of the company’s stock in a transaction dated Thursday, August 12th. The shares were acquired at an average cost of $50.41 per share, for a total transaction of $50,410.00. The disclosure for this purchase can be found here. Insiders have bought 3,000 shares of company stock worth $151,510 in the last 90 days. Insiders own 2.41% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Arena Pharmaceuticals by 0.5% in the second quarter. Vanguard Group Inc. now owns 5,620,469 shares of the biopharmaceutical company’s stock worth $383,317,000 after purchasing an additional 29,444 shares in the last quarter. BlackRock Inc. boosted its stake in Arena Pharmaceuticals by 1.1% in the second quarter. BlackRock Inc. now owns 5,608,010 shares of the biopharmaceutical company’s stock valued at $382,466,000 after acquiring an additional 61,393 shares during the period. Avoro Capital Advisors LLC boosted its stake in Arena Pharmaceuticals by 0.6% in the second quarter. Avoro Capital Advisors LLC now owns 4,075,000 shares of the biopharmaceutical company’s stock valued at $277,915,000 after acquiring an additional 25,000 shares during the period. Lord Abbett & CO. LLC boosted its stake in Arena Pharmaceuticals by 9.5% in the first quarter. Lord Abbett & CO. LLC now owns 2,024,848 shares of the biopharmaceutical company’s stock valued at $140,504,000 after acquiring an additional 175,934 shares during the period. Finally, State Street Corp boosted its stake in Arena Pharmaceuticals by 6.9% in the second quarter. State Street Corp now owns 1,869,962 shares of the biopharmaceutical company’s stock valued at $127,531,000 after acquiring an additional 121,170 shares during the period. Institutional investors and hedge funds own 91.86% of the company’s stock.

Arena Pharmaceuticals Company Profile

Arena Pharmaceuticals, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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