Leerink Swann reissued their positive rating on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a report published on Wednesday, The Fly reports. The firm currently has a $56.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $53.00. Leerink Swann also issued estimates for Arena Pharmaceuticals’ Q1 2018 earnings at ($0.72) EPS, Q2 2018 earnings at ($0.72) EPS, Q3 2018 earnings at ($0.74) EPS, Q4 2018 earnings at ($0.74) EPS, FY2019 earnings at ($3.05) EPS and FY2020 earnings at ($3.43) EPS.
Several other research firms have also weighed in on ARNA. Zacks Investment Research lowered shares of Arena Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, January 10th. Wells Fargo & Co upgraded shares of Arena Pharmaceuticals from a market perform rating to an outperform rating in a research report on Wednesday, January 3rd. Cantor Fitzgerald restated a buy rating and set a $45.00 price target on shares of Arena Pharmaceuticals in a research report on Wednesday. Finally, BidaskClub downgraded shares of Arena Pharmaceuticals from a strong-buy rating to a buy rating in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, two have given 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 an average price target of $38.38.
Arena Pharmaceuticals (NASDAQ:ARNA) traded up $1.48 on Wednesday, reaching $35.60. 614,725 shares of the company traded hands, compared to its average volume of 573,423. The company has a market capitalization of $1,397.76, a price-to-earnings ratio of -38.28 and a beta of 1.50. 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 has a one year low of $11.30 and a one year high of $41.92.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can lifted its holdings in Arena Pharmaceuticals by 128.2% during the third 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 last quarter. Cubist Systematic Strategies LLC purchased a new stake in Arena Pharmaceuticals during the third quarter valued at about $174,000. B. Riley Financial Inc. purchased a new stake in Arena Pharmaceuticals during the third quarter valued at about $204,000. State Board of Administration of Florida Retirement System purchased a new stake in Arena Pharmaceuticals during the third quarter valued at about $252,000. Finally, DAFNA Capital Management LLC purchased a new stake in Arena Pharmaceuticals during the second quarter valued at about $262,000. 72.82% of the stock is currently owned by institutional investors and hedge funds.
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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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