ClariVest Asset Management LLC Sells 35,142 Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)

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ClariVest Asset Management LLC cut its holdings in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 36.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,839 shares of the biopharmaceutical company’s stock after selling 35,142 shares during the quarter. ClariVest Asset Management LLC’s holdings in Arena Pharmaceuticals were worth $2,771,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Advisor Group Inc. grew its stake in shares of Arena Pharmaceuticals by 6.3% in the fourth quarter. Advisor Group Inc. now owns 4,995 shares of the biopharmaceutical company’s stock valued at $194,000 after buying an additional 295 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Arena Pharmaceuticals by 5.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 6,182 shares of the biopharmaceutical company’s stock worth $277,000 after purchasing an additional 330 shares during the period. Bank of Montreal Can lifted its stake in shares of Arena Pharmaceuticals by 105.0% during the 4th quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 360 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Arena Pharmaceuticals by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 13,898 shares of the biopharmaceutical company’s stock worth $623,000 after purchasing an additional 387 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Arena Pharmaceuticals by 14.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock worth $138,000 after purchasing an additional 453 shares during the period. 83.16% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have weighed in on the company. Zacks Investment Research lowered Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. ValuEngine lowered Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. TheStreet raised Arena Pharmaceuticals from a “c” rating to a “b” rating in a research note on Friday, May 31st. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $62.00 price target on shares of Arena Pharmaceuticals in a research note on Tuesday, February 26th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $62.17.

ARNA stock opened at $57.81 on Thursday. The firm has a market cap of $2.76 billion, a PE ratio of -19.60 and a beta of 1.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 35.51 and a quick ratio of 35.51. Arena Pharmaceuticals, Inc. has a 52 week low of $31.97 and a 52 week high of $59.13.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $12.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $12.91. The business had revenue of $801.06 million during the quarter, compared to the consensus estimate of $801.82 million. Arena Pharmaceuticals had a return on equity of 69.72% and a net margin of 76.19%. The business’s revenue for the quarter was up 45414.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.80) EPS. On average, analysts forecast that Arena Pharmaceuticals, Inc. will post 9.05 earnings per share for the current fiscal year.

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About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include ralinepag (APD811), which is in Phase III trial to treat pulmonary arterial hypertension; etrasimod (APD334) for ulcerative colitis, and Crohn's disease, as well as for atopic dermatitis and other indications; and Olorinab (APD371), which is in Phase II trial for the treatment of gastrointestinal pain.

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

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