American International Group Inc. raised its position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,966 shares of the biopharmaceutical company’s stock after buying an additional 9,959 shares during the period. American International Group Inc.’s holdings in Arena Pharmaceuticals were worth $220,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in ARNA. Oxford Asset Management raised 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 during the last quarter. Nine Chapters Capital Management LLC acquired a new stake in Arena Pharmaceuticals during the first quarter worth $263,000. TFS Capital LLC raised 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 during the last quarter. Bank of New York Mellon Corp raised its stake in Arena Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock worth $1,725,000 after buying an additional 10,446 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Arena Pharmaceuticals by 0.6% in the first quarter. Wells Fargo & Company MN now owns 177,515 shares of the biopharmaceutical company’s stock worth $259,000 after buying an additional 1,050 shares during the last quarter.
Shares of Arena Pharmaceuticals, Inc. (ARNA) opened at 24.03 on Friday. The company’s 50-day moving average is $19.05 and its 200-day moving average is $15.37. The stock’s market capitalization is $762.78 million. Arena Pharmaceuticals, Inc. has a one year low of $11.30 and a one year high of $27.86.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by $0.08. The firm had revenue of $6.60 million during the quarter, compared to analyst estimates of $4.84 million. Arena Pharmaceuticals had a negative net margin of 19.07% and a negative return on equity of 108.77%. The business’s quarterly revenue was down 33.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.90) earnings per share. On average, equities research analysts anticipate that Arena Pharmaceuticals, Inc. will post ($3.10) earnings per share for the current year.
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A number of analysts have recently weighed in on the stock. Citigroup Inc. increased their price objective on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, July 11th. Wells Fargo & Company reiterated a “market perform” rating and issued a $19.00 price objective (up previously from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. BidaskClub lowered shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Monday, July 17th. Finally, Leerink Swann increased their price objective on shares of Arena Pharmaceuticals from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $36.00.
In other news, insider Amit Munshi acquired 25,000 shares of the company’s stock in a transaction on Friday, May 12th. The shares were bought at an average cost of $1.19 per share, with a total value of $29,750.00. Following the purchase, the insider now owns 76,875 shares of the company’s stock, valued at approximately $91,481.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.88% of the company’s stock.
About Arena Pharmaceuticals
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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