American Century Companies Inc. Acquires Shares of 23,912 Arena Pharmaceuticals, Inc. (ARNA)

American Century Companies Inc. acquired a new position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,912 shares of the biopharmaceutical company’s stock, valued at approximately $403,000. American Century Companies Inc. owned about 0.08% of Arena Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Strs Ohio bought a new position in shares of Arena Pharmaceuticals during the second quarter worth about $156,000. Trexquant Investment LP bought a new position in shares of Arena Pharmaceuticals during the second quarter worth about $300,000. State of Wisconsin Investment Board bought a new position in shares of Arena Pharmaceuticals during the second quarter worth about $410,000. Marshall Wace North America L.P. bought a new position in shares of Arena Pharmaceuticals during the second quarter worth about $1,630,000. Finally, Bank of America Corp DE raised its position in shares of Arena Pharmaceuticals by 102.0% during the first quarter. Bank of America Corp DE now owns 96,379 shares of the biopharmaceutical company’s stock worth $141,000 after acquiring an additional 48,667 shares during the last quarter. Institutional investors own 46.21% of the company’s stock.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) opened at 24.53 on Wednesday. The firm’s market cap is $962.07 million. Arena Pharmaceuticals, Inc. has a 1-year low of $11.30 and a 1-year high of $27.86. The company’s 50-day moving average price is $22.59 and its 200 day moving average price is $17.41.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.03). The business had revenue of $6.49 million for the quarter, compared to the consensus estimate of $5.58 million. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The company’s revenue for the quarter was down 31.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.10) EPS. On average, analysts predict that Arena Pharmaceuticals, Inc. will post ($2.94) EPS for the current year.

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A number of equities analysts have recently issued reports on ARNA shares. Cantor Fitzgerald started coverage on Arena Pharmaceuticals in a research report on Thursday, June 15th. They set an “overweight” rating and a $4.00 price objective for the company. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Citigroup Inc. started coverage on Arena Pharmaceuticals in a research report on Tuesday, June 27th. They set a “buy” rating and a $23.00 price objective for the company. Zacks Investment Research downgraded Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Finally, JMP Securities upgraded Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a research report on Friday, July 7th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $36.00.

About Arena Pharmaceuticals

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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