Arena Pharmaceuticals, Inc. (ARNA) Stake Increased by Schwab Charles Investment Management Inc.

Schwab Charles Investment Management Inc. raised its stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 25.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,078,955 shares of the biopharmaceutical company’s stock after purchasing an additional 215,844 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.44% of Arena Pharmaceuticals worth $1,576,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ARNA. KCG Holdings Inc. increased its position in Arena Pharmaceuticals by 84.8% in the first quarter. KCG Holdings Inc. now owns 194,032 shares of the biopharmaceutical company’s stock worth $283,000 after buying an additional 89,020 shares during the last quarter. Renaissance Technologies LLC increased its position in Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after buying an additional 957,190 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arena Pharmaceuticals by 6.8% in the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock worth $2,739,000 after acquiring an additional 119,336 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after acquiring an additional 910,434 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its holdings in shares of Arena Pharmaceuticals by 12.7% in the first quarter. TIAA CREF Investment Management LLC now owns 781,492 shares of the biopharmaceutical company’s stock worth $1,141,000 after acquiring an additional 88,301 shares during the period. 46.21% of the stock is owned by hedge funds and other institutional investors.

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Shares of Arena Pharmaceuticals, Inc. (ARNA) opened at 24.22 on Monday. The company’s market capitalization is $949.91 million. Arena Pharmaceuticals, Inc. has a 52-week low of $11.30 and a 52-week high of $27.86. The firm’s 50-day moving average price is $22.54 and its 200 day moving average price is $16.92.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by $0.03. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. During the same quarter in the previous year, the company posted ($1.10) EPS. The company’s quarterly revenue was down 31.8% on a year-over-year basis. On average, equities analysts forecast that Arena Pharmaceuticals, Inc. will post ($2.94) earnings per share for the current year.

A number of equities analysts have recently commented on ARNA shares. Citigroup Inc. raised their price target on Arena Pharmaceuticals from $23.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Tuesday, July 4th. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. One research 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. The company currently has an average rating of “Buy” and a consensus price target of $36.00.

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).

Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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