Arena Pharmaceuticals’ (ARNA) Sell Rating Reaffirmed at Wood & Company

Wood & Company reaffirmed their sell rating on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research report sent to investors on Thursday morning, AnalystRatings.com reports.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Arena Pharmaceuticals from $59.00 to $58.00 and set a neutral rating on the stock in a report on Friday, November 8th. BidaskClub lowered shares of Arena Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, November 13th. Bank of America assumed coverage on shares of Arena Pharmaceuticals in a report on Wednesday, November 13th. They set a neutral rating and a $51.00 target price on the stock. TheStreet lowered shares of Arena Pharmaceuticals from a b rating to a c+ rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reissued a buy rating and set a $79.00 target price on shares of Arena Pharmaceuticals in a report on Sunday, August 11th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $61.57.

ARNA traded down $0.58 during trading on Thursday, reaching $45.23. 428,700 shares of the company’s stock were exchanged, compared to its average volume of 465,796. Arena Pharmaceuticals has a one year low of $35.04 and a one year high of $64.48. The company has a current ratio of 21.90, a quick ratio of 36.51 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.28 billion, a PE ratio of -15.33 and a beta of 1.54. The firm has a fifty day moving average price of $47.54 and a two-hundred day moving average price of $53.52.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.46) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.32) by ($0.14). Arena Pharmaceuticals had a return on equity of 42.34% and a net margin of 68.29%. The business had revenue of $1.35 million for the quarter, compared to the consensus estimate of $2.06 million. During the same period in the previous year, the firm earned ($0.70) earnings per share. The company’s revenue was down 62.2% compared to the same quarter last year. Sell-side analysts expect that Arena Pharmaceuticals will post 8.16 earnings per share for the current year.

In other news, VP Vincent Aurentz sold 65,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $50.72, for a total value of $3,296,800.00. Following the sale, the vice president now directly owns 25,000 shares of the company’s stock, valued at approximately $1,268,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Randall E. Woods sold 3,046 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $46.73, for a total transaction of $142,339.58. Following the completion of the sale, the director now directly owns 17,276 shares in the company, valued at $807,307.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,503 shares of company stock worth $5,034,639. Insiders own 2.73% of the company’s stock.

Several large investors have recently bought and sold shares of ARNA. Nuveen Asset Management LLC bought a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at $26,560,000. ETF Managers Group LLC bought a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at $23,749,000. Invesco Ltd. boosted its stake in shares of Arena Pharmaceuticals by 3,642.0% in the 2nd quarter. Invesco Ltd. now owns 223,619 shares of the biopharmaceutical company’s stock valued at $13,111,000 after purchasing an additional 217,643 shares during the last quarter. Orbimed Advisors LLC bought a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at $6,449,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Arena Pharmaceuticals in the 2nd quarter valued at $5,320,000. 85.31% of the stock is currently owned by institutional investors.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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