Arena Pharmaceuticals (ARNA) Reaches New 12-Month High at $58.00

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s share price reached a new 52-week high on Thursday . The stock traded as high as $58.00 and last traded at $55.30, with a volume of 19845 shares. The stock had previously closed at $55.96.

Several equities research analysts have recently issued reports on ARNA shares. Cantor Fitzgerald restated a “buy” rating and set a $62.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, January 28th. BidaskClub upgraded Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, February 7th. TheStreet upgraded Arena Pharmaceuticals from a “d” rating to a “c” rating in a report on Monday, April 1st. Credit Suisse Group raised their price objective on Arena Pharmaceuticals from $63.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, April 3rd. Finally, Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $62.17.

The company has a quick ratio of 35.51, a current ratio of 35.51 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.77 billion, a PE ratio of 5.62 and a beta of 1.75.

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

In other news, Director Tina Susan Nova sold 1,200 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $45.99, for a total transaction of $55,188.00. Following the sale, the director now owns 12,676 shares in the company, valued at $582,969.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.92% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Advisor Group Inc. boosted its holdings in 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 acquiring an additional 295 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Arena Pharmaceuticals by 5.6% in the first quarter. Commonwealth Equity Services LLC now owns 6,182 shares of the biopharmaceutical company’s stock valued at $277,000 after acquiring an additional 330 shares during the last quarter. Bank of Montreal Can boosted its holdings in Arena Pharmaceuticals by 105.0% in the fourth quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 360 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Arena Pharmaceuticals by 2.9% in the first quarter. Principal Financial Group Inc. now owns 13,898 shares of the biopharmaceutical company’s stock valued at $623,000 after acquiring an additional 387 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Arena Pharmaceuticals by 14.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock valued at $138,000 after acquiring an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 84.65% of the company’s stock.

TRADEMARK VIOLATION WARNING: This piece was first posted by Baseball Daily News and is the property of of Baseball Daily News. If you are accessing this piece on another website, it was copied illegally and reposted in violation of international trademark and copyright laws. The correct version of this piece can be viewed at https://www.baseballdailydigest.com/news/2019/05/18/arena-pharmaceuticals-arna-reaches-new-12-month-high-at-58-00.html.

Arena Pharmaceuticals Company Profile (NASDAQ:ARNA)

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.

Recommended Story: How is a buy-side analyst different from a sell-side analyst?

Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.