Shell Asset Management Co. Acquires New Holdings in Arena Pharmaceuticals, Inc. (ARNA)

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Shell Asset Management Co. acquired a new position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,185 shares of the biopharmaceutical company’s stock, valued at approximately $423,000.

A number of other large investors have also modified their holdings of ARNA. Partner Fund Management L.P. bought a new stake in Arena Pharmaceuticals in the second quarter worth $52,184,000. Point72 Asset Management L.P. boosted its holdings in Arena Pharmaceuticals by 305.3% during the second quarter. Point72 Asset Management L.P. now owns 1,367,400 shares of the biopharmaceutical company’s stock valued at $59,619,000 after acquiring an additional 1,030,000 shares during the period. BlackRock Inc. boosted its holdings in Arena Pharmaceuticals by 12.8% during the second quarter. BlackRock Inc. now owns 4,692,972 shares of the biopharmaceutical company’s stock valued at $204,613,000 after acquiring an additional 531,508 shares during the period. PointState Capital LP boosted its holdings in Arena Pharmaceuticals by 370.5% during the second quarter. PointState Capital LP now owns 447,400 shares of the biopharmaceutical company’s stock valued at $19,507,000 after acquiring an additional 352,300 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in Arena Pharmaceuticals by 41.1% during the second quarter. Voya Investment Management LLC now owns 641,957 shares of the biopharmaceutical company’s stock valued at $27,990,000 after acquiring an additional 187,030 shares during the period. Hedge funds and other institutional investors own 80.35% of the company’s stock.

ARNA has been the subject of a number of recent analyst reports. ValuEngine cut shares of Arena Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 30th. Cantor Fitzgerald set a $65.00 price target on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a report on Monday, September 24th. Needham & Company LLC set a $60.00 price target on shares of Arena Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, November 15th. BidaskClub upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, November 3rd. Finally, Credit Suisse Group upped their price target on shares of Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $64.13.

ARNA stock opened at $40.55 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 26.08 and a quick ratio of 26.08. Arena Pharmaceuticals, Inc. has a 52-week low of $29.52 and a 52-week high of $50.05. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -15.42 and a beta of 1.73.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.74) by $0.04. The business had revenue of $3.57 million during the quarter, compared to analyst estimates of $2.29 million. Arena Pharmaceuticals had a negative net margin of 452.86% and a negative return on equity of 23.66%. The firm’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.93) earnings per share. As a group, equities analysts anticipate that Arena Pharmaceuticals, Inc. will post -2.91 EPS for the current fiscal year.

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About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas in the United States and Switzerland. Its proprietary investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod that is in Phase II trials for treating immune and inflammatory conditions with primary focus on ulcerative colitis and hepatic conditions, as well as for primary biliary cholangitis and pyoderma gangrenosum; and APD371, which is in Phase II trial for the treatment of pain associated with Crohn's disease.

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Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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