Arena Pharmaceuticals (NASDAQ:ARNA) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. They currently have $98.00 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Arena is set to be acquired by Pfizer. An acquisition by Pfizer, if successful, will enable the company to advance the development of its pipeline. Arena is focused on developing its lead pipeline candidate, etrasimod. The fund from out-licensing of ralinepag to United Therapeutics is being used to support the clinical development of this candidate. Arena’s pipeline candidates are a few years away from commercialization and any setback will have a negative impact on its prospects. The company faced a setback in March 2021 after the failure of olorinab in a mid-stage IBS study. Arena lost a stream of revenues with the withdrawal of Belviq, thereby increasing its dependence on the successful development of its pipeline candidates. The stock has outperformed the industry in the past year.”

Several other research analysts have also recently weighed in on ARNA. Needham & Company LLC restated a hold rating on shares of Arena Pharmaceuticals in a research report on Monday, December 13th. Royal Bank of Canada cut shares of Arena Pharmaceuticals from an outperform rating to a sector perform rating and boosted their price objective for the stock from $76.00 to $100.00 in a research report on Tuesday, December 14th. Cantor Fitzgerald cut shares of Arena Pharmaceuticals from an overweight rating to a neutral rating and boosted their price objective for the stock from $93.00 to $100.00 in a research report on Monday, December 20th. Citigroup cut shares of Arena Pharmaceuticals from a buy rating to a neutral rating and dropped their price objective for the stock from $101.00 to $100.00 in a research report on Tuesday, December 14th. Finally, Jefferies Financial Group cut shares of Arena Pharmaceuticals from a buy rating to a hold rating and set a $100.00 price objective for the company. in a research report on Tuesday, December 14th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Arena Pharmaceuticals presently has a consensus rating of Hold and an average price target of $97.29.

Shares of ARNA opened at $92.65 on Wednesday. The company has a market capitalization of $5.70 billion, a P/E ratio of -9.56 and a beta of 0.54. The company has a debt-to-equity ratio of 0.05, a current ratio of 14.82 and a quick ratio of 14.82. Arena Pharmaceuticals has a one year low of $45.50 and a one year high of $94.23. The business’s 50 day simple moving average is $74.50 and its 200-day simple moving average is $64.91.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Thursday, November 4th. The biopharmaceutical company reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.53) by ($0.68). During the same period last year, the business earned ($1.69) earnings per share. On average, sell-side analysts anticipate that Arena Pharmaceuticals will post -10.01 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Diversified Trust Co increased its position in shares of Arena Pharmaceuticals by 6.9% in the 4th quarter. Diversified Trust Co now owns 4,545 shares of the biopharmaceutical company’s stock valued at $422,000 after buying an additional 294 shares in the last quarter. AXA S.A. increased its position in shares of Arena Pharmaceuticals by 5.6% in the 3rd quarter. AXA S.A. now owns 5,700 shares of the biopharmaceutical company’s stock valued at $339,000 after buying an additional 300 shares in the last quarter. Berman Capital Advisors LLC increased its position in shares of Arena Pharmaceuticals by 631.8% in the 3rd quarter. Berman Capital Advisors LLC now owns 622 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 537 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Arena Pharmaceuticals in the 4th quarter valued at $50,000. Finally, American Century Companies Inc. increased its position in shares of Arena Pharmaceuticals by 0.4% in the 3rd quarter. American Century Companies Inc. now owns 134,412 shares of the biopharmaceutical company’s stock valued at $8,004,000 after buying an additional 572 shares in the last quarter. Institutional investors and hedge funds own 91.22% of the company’s stock.

About Arena Pharmaceuticals

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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