ClariVest Asset Management LLC Purchases New Position in Arena Pharmaceuticals, Inc. (ARNA)

ClariVest Asset Management LLC purchased a new stake in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 84,582 shares of the biopharmaceutical company’s stock, valued at approximately $2,156,000. ClariVest Asset Management LLC owned approximately 0.22% of Arena Pharmaceuticals as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in ARNA. Rhumbline Advisers increased its stake in Arena Pharmaceuticals by 12.9% during the 3rd quarter. Rhumbline Advisers now owns 40,771 shares of the biopharmaceutical company’s stock worth $1,040,000 after buying an additional 4,657 shares in the last quarter. Strs Ohio purchased a new stake in Arena Pharmaceuticals during the 2nd quarter worth approximately $156,000. State Board of Administration of Florida Retirement System purchased a new stake in Arena Pharmaceuticals during the 3rd quarter worth approximately $252,000. American International Group Inc. increased its stake in Arena Pharmaceuticals by 7.1% during the 1st quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 9,959 shares in the last quarter. Finally, Airain ltd purchased a new stake in Arena Pharmaceuticals during the 2nd quarter worth approximately $178,000. Hedge funds and other institutional investors own 62.46% of the company’s stock.

Arena Pharmaceuticals, Inc. (ARNA) traded up $0.16 during trading on Tuesday, hitting $26.69. The stock had a trading volume of 154,800 shares, compared to its average volume of 544,582. Arena Pharmaceuticals, Inc. has a 1-year low of $11.30 and a 1-year high of $28.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.32 and a current ratio of 4.42.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.01. The firm had revenue of $7.95 million for the quarter, compared to analyst estimates of $5.48 million. Arena Pharmaceuticals had a negative return on equity of 34.12% and a negative net margin of 36.78%. Arena Pharmaceuticals’s revenue for the quarter was down 58.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) earnings per share. analysts predict that Arena Pharmaceuticals, Inc. will post -3 EPS for the current year.

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Several research firms have commented on ARNA. Cantor Fitzgerald reiterated a “buy” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a research note on Monday, September 25th. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. Finally, BidaskClub cut Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $36.00.

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

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