Needham & Company LLC Reaffirms “Hold” Rating for Arena Pharmaceuticals, Inc. (ARNA)

Needham & Company LLC reissued their hold rating on shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in a report issued on Tuesday morning.

“Arena mgmt hosted a conference call yesterday to provide a 2Q17 quarterly corporate update. Company announced positive results from a 61-pt Phase 2 trial of ralinepag in Pulmonary Arterial Hypertension (PAH) in Jul 2017. We await insight into FDA and EMA requirements for registration. Mgmt is not providing specific guidance, but we assume mtgs can be scheduled by YE17. Other upcoming milestones include top-line results from Phase 2 trials of etrasimod in Ulcerative Colitis (YE17) and APD-371 in pain associated with Crohn’s Disease (YE17).”,” the firm’s analyst commented.

A number of other equities analysts have also recently commented on ARNA. Leerink Swann started 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 for the company. Cantor Fitzgerald started coverage on shares of Arena Pharmaceuticals in a research report on Thursday, June 15th. They set an overweight rating and a $4.00 price objective for the company. ValuEngine raised shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, June 21st. Citigroup Inc. started 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 for the company. Finally, Zacks Investment Research cut shares of Arena Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, June 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Arena Pharmaceuticals has a consensus rating of Buy and a consensus price target of $36.00.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) traded up 1.84% during mid-day trading on Tuesday, reaching $21.03. 596,252 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $21.42 and its 200-day moving average is $15.97. Arena Pharmaceuticals has a 52-week low of $11.30 and a 52-week high of $27.86. The stock’s market cap is $824.80 million.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.74) by $0.03. Arena Pharmaceuticals had a negative return on equity of 49.87% and a negative net margin of 16.27%. The company had revenue of $6.49 million for the quarter, compared to the consensus estimate of $5.58 million. During the same period last year, the firm earned ($1.10) earnings per share. The company’s revenue for the quarter was down 31.8% compared to the same quarter last year. On average, equities analysts expect that Arena Pharmaceuticals will post ($2.94) EPS for the current year.

TRADEMARK VIOLATION NOTICE: “Needham & Company LLC Reaffirms “Hold” Rating for Arena Pharmaceuticals, Inc. (ARNA)” was first posted by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this report on another site, it was stolen and reposted in violation of US & international copyright law. The legal version of this report can be accessed at https://stocknewstimes.com/2017/08/12/needham-company-llc-reaffirms-hold-rating-for-arena-pharmaceuticals-inc-arna.html.

A number of large investors have recently bought and sold shares of ARNA. State Street Corp boosted its stake in Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock valued at $8,847,000 after buying an additional 350,997 shares in the last quarter. Norges Bank purchased a new stake in Arena Pharmaceuticals during the fourth quarter valued at $1,785,000. Nationwide Fund Advisors boosted its stake in Arena Pharmaceuticals by 4.8% in the first quarter. Nationwide Fund Advisors now owns 430,708 shares of the biopharmaceutical company’s stock valued at $629,000 after buying an additional 19,762 shares in the last quarter. Wells Fargo & Company MN boosted 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 valued at $259,000 after buying an additional 1,050 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted 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 valued at $1,725,000 after buying an additional 10,446 shares in the last quarter.

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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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.

Latest News

Leave a Reply