HC Wainwright Begins Coverage on Arena Pharmaceuticals (NASDAQ:ARNA)

HC Wainwright initiated coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research note published on Monday, BenzingaRatingsTable reports. The firm issued a buy rating and a $90.00 price objective on the biopharmaceutical company’s stock.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed a buy rating and set a $68.00 price objective (up from $56.00) on shares of Arena Pharmaceuticals in a report on Friday, May 8th. Jefferies Financial Group assumed coverage on shares of Arena Pharmaceuticals in a report on Monday, May 18th. They set a buy rating and a $62.00 price objective for the company. Needham & Company LLC reaffirmed a buy rating and set a $70.00 price objective on shares of Arena Pharmaceuticals in a report on Tuesday, April 14th. Credit Suisse Group lifted their price objective on shares of Arena Pharmaceuticals from $77.00 to $87.00 and gave the stock an outperform rating in a report on Tuesday, June 2nd. Finally, Guggenheim assumed coverage on shares of Arena Pharmaceuticals in a report on Tuesday, March 31st. They set a buy rating and a $95.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $71.80.

Arena Pharmaceuticals stock opened at $63.10 on Monday. Arena Pharmaceuticals has a 1-year low of $32.95 and a 1-year high of $69.75. The company has a current ratio of 18.67, a quick ratio of 18.67 and a debt-to-equity ratio of 0.05. The firm has a 50 day simple moving average of $60.45 and a 200 day simple moving average of $50.21.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($2.00) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.28) by $0.28. The business had revenue of $0.26 million during the quarter, compared to analyst estimates of $1.58 million. Arena Pharmaceuticals had a negative net margin of 5,727.22% and a negative return on equity of 29.30%. Arena Pharmaceuticals’s revenue was down 100.0% compared to the same quarter last year. During the same period in the previous year, the business earned $12.10 EPS. Analysts anticipate that Arena Pharmaceuticals will post -8.53 earnings per share for the current fiscal year.

In related news, VP Vincent Aurentz sold 25,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $65.00, for a total transaction of $1,625,000.00. Following the transaction, the vice president now owns 10,000 shares in the company, valued at $650,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Amit Munshi sold 34,800 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $58.12, for a total transaction of $2,022,576.00. Following the completion of the transaction, the chief executive officer now owns 57,750 shares in the company, valued at $3,356,430. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,431 shares of company stock worth $6,996,428. 3.05% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARNA. Norges Bank bought a new position in Arena Pharmaceuticals in the fourth quarter worth approximately $45,393,000. Lord Abbett & CO. LLC acquired a new stake in Arena Pharmaceuticals during the 1st quarter valued at approximately $35,729,000. Panagora Asset Management Inc. lifted its stake in Arena Pharmaceuticals by 306.2% during the 4th quarter. Panagora Asset Management Inc. now owns 295,242 shares of the biopharmaceutical company’s stock valued at $13,410,000 after acquiring an additional 222,566 shares during the period. Man Group plc lifted its stake in Arena Pharmaceuticals by 57.3% during the 4th quarter. Man Group plc now owns 571,141 shares of the biopharmaceutical company’s stock valued at $25,941,000 after acquiring an additional 208,166 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Arena Pharmaceuticals by 93.0% during the 1st quarter. Bank of New York Mellon Corp now owns 431,823 shares of the biopharmaceutical company’s stock valued at $18,135,000 after acquiring an additional 208,037 shares during the period. Institutional investors and hedge funds own 88.04% of the company’s stock.

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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