Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a report issued on Monday, July 17th. They currently have a $37.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 59.07% from the stock’s previous close.
The analysts wrote, “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.””
A number of other research analysts have also commented on the company. Wells Fargo & Co reiterated a “market perform” rating and issued a $19.00 price objective (up from $15.00) on shares of Arena Pharmaceuticals in a research report on Wednesday, July 12th. Citigroup Inc. increased their price target on Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, July 11th. Leerink Swann increased their price target on Arena Pharmaceuticals from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 11th. BidaskClub raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Finally, JMP Securities raised Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research note on Friday, July 7th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.00.
Shares of Arena Pharmaceuticals (NASDAQ ARNA) opened at 23.26 on Monday. The stock has a 50 day moving average price of $19.63 and a 200-day moving average price of $15.53. The company’s market cap is $738.34 million. Arena Pharmaceuticals has a 1-year low of $11.30 and a 1-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) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.82) by $0.08. The firm had revenue of $6.60 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 33.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.90) earnings per share. Analysts predict that Arena Pharmaceuticals will post ($3.10) earnings per share for the current fiscal year.
WARNING: This news story was posted by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright legislation. The original version of this news story can be read at https://stocknewstimes.com/2017/08/06/arena-pharmaceuticals-inc-nasdaqarna-given-overweight-rating-at-cantor-fitzgerald-updated-updated.html.
In other Arena Pharmaceuticals news, insider Amit Munshi acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were acquired at an average price 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.88% of the company’s stock.
A number of hedge funds have recently modified their holdings of ARNA. Strs Ohio purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth approximately $156,000. Trexquant Investment LP purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth approximately $300,000. State of Wisconsin Investment Board purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth approximately $410,000. Tudor Investment Corp Et Al increased its position in shares of Arena Pharmaceuticals by 200.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 72,259 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 48,181 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of Arena Pharmaceuticals during the second quarter worth approximately $1,630,000.
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).
Receive News & Ratings for Arena Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
