Shell Asset Management Co. Takes $423,000 Position in Arena Pharmaceuticals, Inc. (ARNA)

Shell Asset Management Co. purchased a new stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,185 shares of the biopharmaceutical company’s stock, valued at approximately $423,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Arena Pharmaceuticals by 1.3% in the third quarter. BlackRock Inc. now owns 4,756,012 shares of the biopharmaceutical company’s stock valued at $218,871,000 after buying an additional 63,040 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Arena Pharmaceuticals by 305.3% in the second quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock valued at $59,619,000 after buying an additional 1,030,000 shares in the last quarter. Partner Fund Management L.P. bought a new position in shares of Arena Pharmaceuticals in the second quarter valued at $52,184,000. Voya Investment Management LLC increased its holdings in shares of Arena Pharmaceuticals by 41.1% in the second quarter. Voya Investment Management LLC now owns 641,957 shares of the biopharmaceutical company’s stock valued at $27,990,000 after buying an additional 187,030 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Arena Pharmaceuticals by 9.0% in the second quarter. Northern Trust Corp now owns 592,445 shares of the biopharmaceutical company’s stock valued at $25,831,000 after buying an additional 48,671 shares in the last quarter. 80.35% of the stock is currently owned by institutional investors.

Shares of NASDAQ:ARNA opened at $40.55 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 26.08 and a current ratio of 26.08. Arena Pharmaceuticals, Inc. has a 12-month low of $29.52 and a 12-month high of $50.05. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -15.42 and a beta of 1.73.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.04. Arena Pharmaceuticals had a negative net margin of 452.86% and a negative return on equity of 23.66%. The company had revenue of $3.57 million for the quarter, compared to the consensus estimate of $2.29 million. During the same period in the previous year, the business earned ($0.93) EPS. The company’s revenue was up 47.5% on a year-over-year basis. On average, sell-side analysts forecast that Arena Pharmaceuticals, Inc. will post -2.91 earnings per share for the current fiscal year.

ARNA has been the topic of several research reports. ValuEngine cut Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 30th. Cantor Fitzgerald set a $65.00 target price on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, September 24th. Needham & Company LLC set a $60.00 target price on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, November 15th. BidaskClub raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, November 3rd. Finally, Credit Suisse Group boosted their target price on shares of Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an “outperform” rating in a research note on Monday, November 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $64.13.

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About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

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

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