Zacks Investment Research upgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a sell rating to a hold rating in a report issued on Friday.
According to Zacks, “Arena’s only approved product is Belviq, used for chronic weight management. Though it was the first obesity drug to be approved by the FDA in over a decade, is yet to impress with its performance. However, the company’s partnership agreements and efforts to improve the performance of the drug are impressive. We are also encouraged by the company’s cost-reduction initiatives to streamline the organization to support its development programs. Shares of the company have outperformed the industry in the last one year. On the flip side, Arena’s pipeline consists of early-to-mid stage candidates, still several years from commercialization. Plus, competition remains intense in the obesity market with both branded and generic players. “
ARNA has been the topic of a number of other reports. BidaskClub cut shares of Arena Pharmaceuticals from a strong-buy rating to a buy rating in a research note on Tuesday, February 27th. Wells Fargo & Co upgraded shares of Arena Pharmaceuticals from a market perform rating to an outperform rating in a research note on Wednesday, January 3rd. Citigroup upped their price target on shares of Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, February 27th. JMP Securities upped their price target on shares of Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, ValuEngine upgraded shares of Arena Pharmaceuticals from a sell rating to a hold rating in a research note on Saturday, February 3rd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Arena Pharmaceuticals presently has a consensus rating of Buy and an average price target of $45.13.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Great West Life Assurance Co. Can lifted its stake in 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 worth $112,000 after purchasing an additional 2,466 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $174,000. B. Riley Financial Inc. purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $204,000. State Board of Administration of Florida Retirement System purchased a new stake in Arena Pharmaceuticals in the 3rd quarter worth approximately $252,000. Finally, Legal & General Group Plc lifted its stake in Arena Pharmaceuticals by 46.8% in the 3rd quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 3,302 shares in the last quarter. Institutional investors and hedge funds own 73.31% 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).
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