Cantor Fitzgerald restated their overweight rating on shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in a research report report published on Monday. The brokerage currently has a $37.00 price objective on the biopharmaceutical company’s stock.
“We continue to view Phase 2 data as about as good as it gets. Despite facing comparisons with Phase 2 data for a drug, selexipag, that benefited from trial idiosyncrasies (subject randomization imbalances), the improvement in pulmonary vascular resistance (PVR) associated with treatment in the ralinepag Phase 2 trial (-30% vs. placebo and -20% vs. baseline) was at the high end of a range of effects noted to us by a physician knowledgeable in the care of patients with PAH and the development of therapies for it.”,” Cantor Fitzgerald’s analyst wrote.
A number of other research analysts also recently issued reports on the stock. Leerink Swann initiated coverage on shares of Arena Pharmaceuticals in a research report on Friday, May 19th. They set an outperform rating and a $50.00 price objective on the stock. Zacks Investment Research raised shares of Arena Pharmaceuticals from a hold rating to a buy rating and set a $19.00 price objective on the stock in a research report on Tuesday, July 4th. Citigroup Inc. initiated coverage on shares of Arena Pharmaceuticals in a research report on Tuesday, June 27th. They set a buy rating and a $23.00 price objective on the stock. ValuEngine raised shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, June 21st. Finally, JMP Securities raised shares of Arena Pharmaceuticals from a market perform rating to an outperform rating and set a $27.00 price objective on the stock in a research report on Friday, July 7th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Arena Pharmaceuticals presently has a consensus rating of Buy and a consensus target price of $36.00.
Arena Pharmaceuticals (NASDAQ ARNA) opened at 23.23 on Monday. The company’s 50-day moving average is $16.71 and its 200 day moving average is $14.85. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $27.86. The company’s market capitalization is $737.39 million.
Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.82) by $0.08. The company had revenue of $6.60 million for the quarter, compared to analysts’ expectations of $4.84 million. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The firm’s revenue for the quarter was down 33.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.90) earnings per share. On average, analysts forecast that Arena Pharmaceuticals will post ($3.14) EPS for the current fiscal year.
In other Arena Pharmaceuticals news, insider Amit Munshi bought 25,000 shares of Arena Pharmaceuticals stock in a transaction dated Friday, May 12th. The shares were purchased at an average cost of $1.19 per share, with a total value of $29,750.00. Following the transaction, the insider now directly owns 76,875 shares of the company’s stock, valued at $91,481.25. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.88% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. increased its stake in Arena Pharmaceuticals by 292.6% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 278,375 shares of the biopharmaceutical company’s stock worth $405,000 after buying an additional 207,475 shares in the last quarter. American International Group Inc. increased its stake in Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 9,959 shares in the last quarter. Oxford Asset Management increased its stake in Arena Pharmaceuticals by 58.8% in the first quarter. Oxford Asset Management now owns 1,081,912 shares of the biopharmaceutical company’s stock worth $1,580,000 after buying an additional 400,821 shares in the last quarter. Nine Chapters Capital Management LLC acquired a new stake in Arena Pharmaceuticals during the first quarter worth $263,000. Finally, TFS Capital LLC increased its stake in Arena Pharmaceuticals by 315.2% in the first quarter. TFS Capital LLC now owns 340,092 shares of the biopharmaceutical company’s stock worth $497,000 after buying an additional 258,183 shares in the last quarter.
Arena Pharmaceuticals Company Profile
Arena Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH).
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