State Street Corp decreased its stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 87.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 836,895 shares of the biopharmaceutical company’s stock after selling 5,664,896 shares during the period. State Street Corp owned approximately 2.13% of Arena Pharmaceuticals worth $14,122,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ARNA. American International Group Inc. increased its position in shares of Arena Pharmaceuticals by 7.1% during the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after acquiring an additional 9,959 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Arena Pharmaceuticals by 12.7% during the first quarter. TIAA CREF Investment Management LLC now owns 781,492 shares of the biopharmaceutical company’s stock worth $1,141,000 after acquiring an additional 88,301 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Arena Pharmaceuticals by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after acquiring an additional 910,434 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Arena Pharmaceuticals by 6.8% during the first quarter. Geode Capital Management LLC now owns 1,876,137 shares of the biopharmaceutical company’s stock worth $2,739,000 after acquiring an additional 119,336 shares in the last quarter. Finally, KCG Holdings Inc. increased its position in shares of Arena Pharmaceuticals by 84.8% during the first quarter. KCG Holdings Inc. now owns 194,032 shares of the biopharmaceutical company’s stock worth $283,000 after acquiring an additional 89,020 shares in the last quarter. 62.46% of the stock is owned by institutional investors.

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ARNA has been the subject of several research reports. Cantor Fitzgerald reissued a “buy” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research report on Monday, September 25th. Needham & Company LLC reissued a “hold” rating on shares of Arena Pharmaceuticals in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Arena Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $36.00.

Arena Pharmaceuticals, Inc. (ARNA) opened at $27.40 on Thursday. Arena Pharmaceuticals, Inc. has a 12-month low of $11.30 and a 12-month high of $28.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.42 and a quick ratio of 4.32.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.01. The business had revenue of $7.95 million during the quarter, compared to the consensus estimate of $5.48 million. Arena Pharmaceuticals had a negative net margin of 36.78% and a negative return on equity of 34.12%. The firm’s revenue for the quarter was down 58.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. research analysts expect that Arena Pharmaceuticals, Inc. will post -3 EPS for the current fiscal year.

Arena Pharmaceuticals 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).

Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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