Royal Bank of Canada reissued their buy rating on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research note issued to investors on Sunday, AnalystRatings.com reports. They currently have a $79.00 price objective on the biopharmaceutical company’s stock.
ARNA has been the topic of a number of other research reports. Zacks Investment Research downgraded Arena Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, May 15th. TheStreet downgraded Arena Pharmaceuticals from a b rating to a c+ rating in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued a buy rating on shares of Arena Pharmaceuticals in a research report on Wednesday, May 8th. BidaskClub raised Arena Pharmaceuticals from a hold rating to a buy rating in a research report on Friday, August 2nd. Finally, ValuEngine downgraded Arena Pharmaceuticals from a hold rating to a sell rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $63.67.
NASDAQ:ARNA opened at $53.48 on Friday. The company has a current ratio of 35.51, a quick ratio of 35.51 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $60.26. The firm has a market capitalization of $2.55 billion, a P/E ratio of -18.13 and a beta of 1.42. Arena Pharmaceuticals has a 52-week low of $31.97 and a 52-week high of $64.48.
In other Arena Pharmaceuticals news, Director Jayson Donald Alexander Dallas sold 1,525 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $55.90, for a total transaction of $85,247.50. Following the transaction, the director now owns 5,704 shares of the company’s stock, valued at $318,853.60. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.73% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Arena Pharmaceuticals by 0.8% in the second quarter. BlackRock Inc. now owns 4,795,930 shares of the biopharmaceutical company’s stock valued at $281,185,000 after purchasing an additional 38,756 shares during the last quarter. Eagle Asset Management Inc. acquired a new position in shares of Arena Pharmaceuticals in the first quarter valued at approximately $42,118,000. Pictet Asset Management Ltd. grew its position in shares of Arena Pharmaceuticals by 1.3% in the first quarter. Pictet Asset Management Ltd. now owns 861,345 shares of the biopharmaceutical company’s stock valued at $38,614,000 after purchasing an additional 10,829 shares during the last quarter. Rubric Capital Management LP grew its position in shares of Arena Pharmaceuticals by 33.2% in the first quarter. Rubric Capital Management LP now owns 857,103 shares of the biopharmaceutical company’s stock valued at $38,424,000 after purchasing an additional 213,706 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Arena Pharmaceuticals in the first quarter valued at approximately $30,270,000. 83.25% of the stock is currently owned by hedge funds and other institutional investors.
About Arena Pharmaceuticals
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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