Arena Pharmaceuticals (NASDAQ:ARNA) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a report released on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $60.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $30.89. Needham & Company LLC’s price objective indicates a potential upside of 36.36% from the company’s current price.

ARNA has been the subject of a number of other research reports. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 27th. Citigroup boosted their target price on Arena Pharmaceuticals from $37.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Cantor Fitzgerald restated a “buy” rating and issued a $45.00 target price on shares of Arena Pharmaceuticals in a research report on Wednesday, January 17th. JMP Securities boosted their target price on Arena Pharmaceuticals from $36.00 to $63.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Finally, Credit Suisse Group initiated coverage on Arena Pharmaceuticals in a research report on Wednesday, January 17th. They issued an “outperform” rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $52.25.

How to Become a New Pot Stock Millionaire

Shares of Arena Pharmaceuticals (ARNA) opened at $44.00 on Tuesday. The stock has a market capitalization of $1,566.22, a PE ratio of -15.28 and a beta of 1.51. Arena Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $45.85. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 0.28.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.30. The company had revenue of $15.40 million during the quarter, compared to the consensus estimate of $5.75 million. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. Arena Pharmaceuticals’s quarterly revenue was down 77.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.60 EPS. sell-side analysts forecast that Arena Pharmaceuticals will post -2.73 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System increased its stake in Arena Pharmaceuticals by 3.4% in the 4th quarter. California Public Employees Retirement System now owns 51,400 shares of the biopharmaceutical company’s stock worth $1,746,000 after purchasing an additional 1,700 shares during the period. Great West Life Assurance Co. Can increased its stake in Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 2,466 shares during the period. Swiss National Bank increased its stake in Arena Pharmaceuticals by 4.9% in the 4th quarter. Swiss National Bank now owns 66,730 shares of the biopharmaceutical company’s stock worth $2,267,000 after purchasing an additional 3,100 shares during the period. Legal & General Group Plc increased its stake in Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 3,302 shares during the period. Finally, Rhumbline Advisers increased its stake in Arena Pharmaceuticals by 12.9% in the 3rd quarter. Rhumbline Advisers now owns 40,771 shares of the biopharmaceutical company’s stock worth $1,040,000 after purchasing an additional 4,657 shares during the period. 73.31% of the stock is currently owned by institutional investors and hedge funds.

WARNING: “Arena Pharmaceuticals (ARNA) Upgraded to Buy by Needham & Company LLC” was published by Watch List News and is owned by of Watch List News. If you are viewing this piece of content on another site, it was copied illegally and republished in violation of U.S. and international copyright and trademark legislation. The original version of this piece of content can be viewed at https://www.watchlistnews.com/arena-pharmaceuticals-arna-upgraded-to-buy-by-needham-company-llc/1955496.html.

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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.