Bailard Inc. Buys Shares of 81,000 Arena Pharmaceuticals, Inc. (ARNA)

Bailard Inc. bought a new position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 81,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,752,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. bought a new position in Arena Pharmaceuticals in the 3rd quarter worth about $9,973,000. Nationwide Fund Advisors boosted its stake in Arena Pharmaceuticals by 109.0% in the 3rd quarter. Nationwide Fund Advisors now owns 38,751 shares of the biopharmaceutical company’s stock worth $988,000 after purchasing an additional 20,209 shares during the period. American Century Companies Inc. boosted its stake in Arena Pharmaceuticals by 171.8% in the 3rd quarter. American Century Companies Inc. now owns 64,994 shares of the biopharmaceutical company’s stock worth $1,657,000 after purchasing an additional 41,082 shares during the period. Swiss National Bank boosted its stake in Arena Pharmaceuticals by 30.3% in the 3rd quarter. Swiss National Bank now owns 63,630 shares of the biopharmaceutical company’s stock worth $1,623,000 after purchasing an additional 14,800 shares during the period. Finally, ClariVest Asset Management LLC bought a new position in Arena Pharmaceuticals in the 3rd quarter worth about $2,156,000. Institutional investors and hedge funds own 72.49% of the company’s stock.

Several research analysts have commented on the company. ValuEngine upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 3rd. BidaskClub upgraded Arena Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 26th. Credit Suisse Group assumed coverage on Arena Pharmaceuticals in a research note on Wednesday, January 17th. They issued an “outperform” rating and a $44.00 target price for the company. Leerink Swann restated a “positive” rating and issued a $56.00 target price (up previously from $53.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, January 17th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $45.00 target price on shares of Arena Pharmaceuticals in a research note on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $38.38.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) opened at $40.98 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42. Arena Pharmaceuticals, Inc. has a 12-month low of $11.30 and a 12-month high of $41.92.

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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).

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

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