Eagle Asset Management Inc. Invests $42.12 Million in Arena Pharmaceuticals, Inc. (ARNA)
Eagle Asset Management Inc. purchased a new stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 939,507 shares of the biopharmaceutical company’s stock, valued at approximately $42,118,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARNA. Quantamental Technologies LLC bought a new stake in Arena Pharmaceuticals in the fourth quarter worth $25,000. Bank of Montreal Can boosted its holdings in Arena Pharmaceuticals by 105.0% in the fourth quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 360 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Arena Pharmaceuticals in the fourth quarter worth $31,000. Strs Ohio boosted its holdings in Arena Pharmaceuticals by 160.0% in the first quarter. Strs Ohio now owns 1,300 shares of the biopharmaceutical company’s stock worth $58,000 after acquiring an additional 800 shares in the last quarter. Finally, Legacy Bridge LLC bought a new stake in Arena Pharmaceuticals in the first quarter worth $67,000. Institutional investors own 80.80% of the company’s stock.
Several equities research analysts have commented on the company. Zacks Investment Research raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Tuesday, January 8th. TheStreet upgraded Arena Pharmaceuticals from a “d” rating to a “c” rating in a research note on Monday, April 1st. Cantor Fitzgerald restated a “buy” rating and issued a $62.00 price target on shares of Arena Pharmaceuticals in a research note on Monday, January 28th. BidaskClub cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Finally, Credit Suisse Group boosted their price target on Arena Pharmaceuticals from $63.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Arena Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $62.17.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Tuesday, February 26th. The biopharmaceutical company reported ($0.82) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.76) by ($0.06). Arena Pharmaceuticals had a negative return on equity of 24.36% and a negative net margin of 163.60%. The business had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $3.33 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The firm’s revenue for the quarter was down 43.7% compared to the same quarter last year. As a group, research analysts anticipate that Arena Pharmaceuticals, Inc. will post -3.26 EPS for the current fiscal year.
In other news, Director Tina Susan Nova sold 1,200 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $45.99, for a total value of $55,188.00. Following the completion of the transaction, the director now owns 12,676 shares in the company, valued at $582,969.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.92% of the stock is owned by insiders.
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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