Arena Pharmaceuticals (ARNA) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Arena Pharmaceuticals (NASDAQ:ARNA) in a research note published on Wednesday morning.

“Arena mgmt provided a corporate update today in a 4Q17 conference call. Mgmt reiterated guidance for top-line results from etrasimod Phase 2 trial in Ulcerative Colitis (UC) later this month. Preclinical and Phase 1 data suggest the drug has the potential for differentiation in the S1P receptor modulator space. We await outcome, maintaining HOLD. Mgmt also discussed ralinepag Phase 3 trial design in Pulmonary Arterial Hypertension (PAH). Three trials are planned, two of which mgmt believes are independently sufficient for regulatory approval. Mgmt plans to provide more details around cost and time to completion mid-2018 after protocols are finalized.”,” the firm’s analyst commented.

ARNA has been the topic of several other research reports. BidaskClub upgraded Arena Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Wednesday, December 27th. Citigroup upped their price objective on Arena Pharmaceuticals from $37.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, February 27th. Cantor Fitzgerald restated a buy rating and issued a $45.00 price objective on shares of Arena Pharmaceuticals in a research note on Wednesday, January 17th. JMP Securities upped their price objective on Arena Pharmaceuticals from $36.00 to $63.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, Credit Suisse Group started coverage on Arena Pharmaceuticals in a research note on Wednesday, January 17th. They issued an outperform rating and a $44.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $43.00.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at $31.51 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.89 and a quick ratio of 4.32. The stock has a market capitalization of $1,300.65, a P/E ratio of -10.94 and a beta of 1.51. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $44.50.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.65) by $0.30. The firm had revenue of $15.40 million for the quarter, compared to analyst estimates of $5.75 million. Arena Pharmaceuticals had a negative return on equity of 62.82% and a negative net margin of 250.93%. The business’s revenue for the quarter was down 77.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 earnings per share. equities research analysts forecast that Arena Pharmaceuticals will post -2.55 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System increased its stake in shares of Arena Pharmaceuticals by 3.4% during the fourth quarter. California Public Employees Retirement System now owns 51,400 shares of the biopharmaceutical company’s stock worth $1,746,000 after purchasing an additional 1,700 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of Arena Pharmaceuticals by 128.2% during the third quarter. Great West Life Assurance Co. Can now owns 4,390 shares of the biopharmaceutical company’s stock worth $112,000 after purchasing an additional 2,466 shares during the period. Swiss National Bank increased its stake in shares of Arena Pharmaceuticals by 4.9% during the fourth quarter. Swiss National Bank now owns 66,730 shares of the biopharmaceutical company’s stock worth $2,267,000 after purchasing an additional 3,100 shares during the period. Legal & General Group Plc increased its stake in shares of Arena Pharmaceuticals by 46.8% during the third quarter. Legal & General Group Plc now owns 10,356 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 3,302 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Arena Pharmaceuticals by 12.9% during the third quarter. Rhumbline Advisers now owns 40,771 shares of the biopharmaceutical company’s stock worth $1,040,000 after purchasing an additional 4,657 shares during the period. Institutional investors own 73.31% of the company’s stock.

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About Arena Pharmaceuticals

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).

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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