Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) have received an average recommendation of “Buy” from the eleven brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $63.63.

ARNA has been the subject of several analyst reports. Cantor Fitzgerald reiterated a “buy” rating and issued a $62.00 target price on shares of Arena Pharmaceuticals in a report on Monday, January 28th. Royal Bank of Canada increased their target price on shares of Arena Pharmaceuticals to $70.00 and gave the company an “outperform” rating in a report on Friday, November 16th. Credit Suisse Group increased their target price on shares of Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, November 19th. ValuEngine upgraded shares of Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 16th. Finally, BidaskClub upgraded shares of Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, February 7th.

In other Arena Pharmaceuticals news, CMO Preston Klassen sold 16,000 shares of the stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $41.69, for a total transaction of $667,040.00. Following the completion of the transaction, the chief marketing officer now owns 16,000 shares in the company, valued at $667,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tina Susan Nova sold 1,200 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $45.99, for a total transaction of $55,188.00. Following the transaction, the director now owns 12,676 shares of the company’s stock, valued at approximately $582,969.24. The disclosure for this sale can be found here. Insiders have sold 18,700 shares of company stock valued at $791,378 in the last 90 days. 1.92% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its position in shares of Arena Pharmaceuticals by 6.3% in the fourth quarter. Advisor Group Inc. now owns 4,995 shares of the biopharmaceutical company’s stock valued at $194,000 after acquiring an additional 295 shares during the period. Bank of Montreal Can boosted its position in shares of Arena Pharmaceuticals by 105.0% in the fourth quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 360 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Arena Pharmaceuticals by 14.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock valued at $138,000 after acquiring an additional 453 shares during the period. Prudential Financial Inc. boosted its position in shares of Arena Pharmaceuticals by 9.8% in the fourth quarter. Prudential Financial Inc. now owns 6,062 shares of the biopharmaceutical company’s stock valued at $236,000 after acquiring an additional 543 shares during the period. Finally, Quantamental Technologies LLC bought a new position in shares of Arena Pharmaceuticals in the fourth quarter valued at approximately $25,000. Institutional investors own 79.96% of the company’s stock.

Shares of ARNA stock traded up $0.12 on Friday, hitting $45.78. The stock had a trading volume of 376,242 shares, compared to its average volume of 464,543. The company has a market cap of $2.26 billion, a P/E ratio of -15.52 and a beta of 1.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 15.40 and a quick ratio of 15.40. Arena Pharmaceuticals has a 12-month low of $30.00 and a 12-month high of $51.63.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, February 26th. The biopharmaceutical company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $2.11. The company had revenue of $8.65 million during the quarter, compared to the consensus estimate of $3.33 million. Arena Pharmaceuticals had a negative net margin of 163.60% and a negative return on equity of 24.36%. The firm’s revenue for the quarter was down 43.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) earnings per share. As a group, research analysts expect that Arena Pharmaceuticals will post -3.26 earnings per share for the current fiscal year.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

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Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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