Arena Pharmaceuticals (ARNA) Earns Outperform Rating from Analysts at Credit Suisse Group

Credit Suisse Group assumed coverage on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $44.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts have also recently weighed in on ARNA. Cantor Fitzgerald reaffirmed a buy rating and set a $37.00 target price on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. BidaskClub raised Arena Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Saturday, December 2nd. Wells Fargo & Co raised Arena Pharmaceuticals from a market perform rating to an outperform rating in a research note on Wednesday, January 3rd. Zacks Investment Research cut Arena Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, January 10th. Finally, Leerink Swann reaffirmed a positive rating and set a $56.00 target price (up previously from $53.00) on shares of Arena Pharmaceuticals in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $38.38.

Arena Pharmaceuticals (ARNA) opened at $35.60 on Wednesday. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $41.92. The firm has a market capitalization of $1,339.67, a PE ratio of -38.28 and a beta of 1.50. The company has a current ratio of 4.42, a quick ratio of 4.32 and a debt-to-equity ratio of 0.27.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.66) by $0.01. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. The business had revenue of $7.95 million during the quarter, compared to analysts’ expectations of $5.48 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s quarterly revenue was down 58.6% on a year-over-year basis. equities analysts forecast that Arena Pharmaceuticals will post -3.13 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can boosted its position in shares of Arena Pharmaceuticals by 128.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock valued at $112,000 after purchasing an additional 2,466 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $174,000. B. Riley Financial Inc. acquired a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $204,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Arena Pharmaceuticals in the 3rd quarter valued at $252,000. Finally, Legal & General Group Plc boosted its position in shares of Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 3,302 shares during the period. Institutional investors and hedge funds own 72.82% of the company’s stock.

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Arena Pharmaceuticals Company Profile

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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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