Bank of New York Mellon Corp decreased its stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 1.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 168,537 shares of the biopharmaceutical company’s stock after selling 1,799 shares during the period. Bank of New York Mellon Corp owned 0.43% of Arena Pharmaceuticals worth $5,724,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. acquired a new position in shares of Arena Pharmaceuticals during the 3rd quarter valued at about $9,973,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Arena Pharmaceuticals by 16.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 209,085 shares of the biopharmaceutical company’s stock valued at $7,103,000 after acquiring an additional 29,732 shares during the last quarter. Pura Vida Investments LLC increased its holdings in shares of Arena Pharmaceuticals by 219.1% during the 3rd quarter. Pura Vida Investments LLC now owns 111,700 shares of the biopharmaceutical company’s stock valued at $2,848,000 after acquiring an additional 76,700 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Arena Pharmaceuticals by 38.6% during the 4th quarter. American Century Companies Inc. now owns 90,102 shares of the biopharmaceutical company’s stock valued at $3,061,000 after acquiring an additional 25,108 shares during the last quarter. Finally, Bailard Inc. acquired a new position in shares of Arena Pharmaceuticals during the 4th quarter valued at about $2,752,000. 73.05% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on the company. BidaskClub lowered Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 27th. Citigroup reissued a “buy” rating and set a $62.00 price objective on shares of Arena Pharmaceuticals in a report on Wednesday, March 21st. Wells Fargo upgraded Arena Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, March 9th. Finally, Needham & Company LLC upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the company from $30.89 to $60.00 in a research note on Tuesday, March 20th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $52.25.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.30. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The firm had revenue of $15.40 million during the quarter, compared to the consensus estimate of $5.75 million. During the same quarter in the prior year, the company earned $1.60 EPS. The firm’s revenue for the quarter was down 77.8% compared to the same quarter last year. equities research analysts forecast that Arena Pharmaceuticals, Inc. will post -2.74 earnings per share for the current fiscal year.
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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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