Wells Fargo & Company MN grew its holdings in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 92.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,453 shares of the biopharmaceutical company’s stock after acquiring an additional 70,175 shares during the quarter. Wells Fargo & Company MN’s holdings in Arena Pharmaceuticals were worth $8,586,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Aperio Group LLC increased its holdings in shares of Arena Pharmaceuticals by 58.4% in the second quarter. Aperio Group LLC now owns 12,007 shares of the biopharmaceutical company’s stock worth $704,000 after acquiring an additional 4,426 shares in the last quarter. Strs Ohio boosted its position in shares of Arena Pharmaceuticals by 1,646.2% during the second quarter. Strs Ohio now owns 22,700 shares of the biopharmaceutical company’s stock worth $1,330,000 after buying an additional 21,400 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Arena Pharmaceuticals by 8.3% during the second quarter. Commonwealth Equity Services LLC now owns 6,693 shares of the biopharmaceutical company’s stock worth $392,000 after buying an additional 511 shares during the period. NumerixS Investment Technologies Inc boosted its position in shares of Arena Pharmaceuticals by 175.3% during the first quarter. NumerixS Investment Technologies Inc now owns 6,400 shares of the biopharmaceutical company’s stock worth $284,000 after buying an additional 4,075 shares during the period. Finally, Marshall Wace North America L.P. boosted its position in shares of Arena Pharmaceuticals by 39.9% during the first quarter. Marshall Wace North America L.P. now owns 589,690 shares of the biopharmaceutical company’s stock worth $26,436,000 after buying an additional 168,164 shares during the period. Institutional investors own 82.57% of the company’s stock.

In other news, VP Vincent Aurentz sold 65,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.72, for a total value of $3,296,800.00. Following the completion of the sale, the vice president now directly owns 25,000 shares of the company’s stock, valued at $1,268,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven W. Spector sold 31,457 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $50.72, for a total value of $1,595,499.04. Following the completion of the sale, the executive vice president now directly owns 22,964 shares of the company’s stock, valued at $1,164,734.08. The disclosure for this sale can be found here. Corporate insiders own 2.73% of the company’s stock.

Several research analysts have recently weighed in on the company. ValuEngine cut Arena Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday. TheStreet cut Arena Pharmaceuticals from a “b” rating to a “c+” rating in a research report on Wednesday, August 7th. BidaskClub cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $79.00 price objective on shares of Arena Pharmaceuticals in a research report on Sunday, August 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $63.67.

Shares of ARNA stock traded down $0.08 on Friday, hitting $52.58. 6,271 shares of the stock were exchanged, compared to its average volume of 341,557. The company has a current ratio of 36.51, a quick ratio of 36.51 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.62 billion, a P/E ratio of -17.70 and a beta of 1.54. The business has a 50-day moving average of $56.19 and a 200 day moving average of $53.04. Arena Pharmaceuticals, Inc. has a fifty-two week low of $31.97 and a fifty-two week high of $64.48.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.22). Arena Pharmaceuticals had a net margin of 72.84% and a return on equity of 53.92%. The company had revenue of $1.02 million for the quarter, compared to analyst estimates of $2.91 million. During the same period last year, the company posted ($0.65) earnings per share. The business’s revenue for the quarter was down 74.4% on a year-over-year basis. As a group, research analysts forecast that Arena Pharmaceuticals, Inc. will post 8.51 EPS for the current fiscal year.

Arena Pharmaceuticals Profile

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

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