Partner Fund Management L.P. lifted its holdings in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 10.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,014,672 shares of the biopharmaceutical company’s stock after purchasing an additional 285,117 shares during the quarter. Arena Pharmaceuticals accounts for approximately 3.1% of Partner Fund Management L.P.’s holdings, making the stock its 6th largest position. Partner Fund Management L.P. owned approximately 6.10% of Arena Pharmaceuticals worth $117,421,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in Arena Pharmaceuticals by 6.3% during 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. Bank of Montreal Can boosted its stake in Arena Pharmaceuticals by 105.0% during the fourth quarter. Bank of Montreal Can now owns 703 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 360 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Arena Pharmaceuticals by 14.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,550 shares of the biopharmaceutical company’s stock valued at $138,000 after buying an additional 453 shares in the last quarter. Prudential Financial Inc. boosted its stake in Arena Pharmaceuticals by 9.8% during the fourth quarter. Prudential Financial Inc. now owns 6,062 shares of the biopharmaceutical company’s stock valued at $236,000 after buying an additional 543 shares in the last quarter. Finally, Quantamental Technologies LLC bought a new position in Arena Pharmaceuticals during the fourth quarter valued at about $25,000. 79.96% of the stock is owned by institutional investors.
Several research analysts recently weighed in on ARNA shares. Credit Suisse Group raised their target price on Arena Pharmaceuticals from $56.00 to $61.00 and gave the company an “outperform” rating in a research note on Monday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arena Pharmaceuticals in a research note on Friday, November 23rd. Zacks Investment Research downgraded Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. BidaskClub raised Arena Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, February 7th. Finally, Berenberg Bank initiated coverage on Arena Pharmaceuticals in a report on Thursday, December 13th. They set a “buy” rating and a $55.00 target price for the company. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $62.00.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Tuesday, February 26th. The biopharmaceutical company reported $1.35 EPS for the quarter, beating the consensus estimate of ($0.76) by $2.11. Arena Pharmaceuticals had a negative return on equity of 24.36% and a negative net margin of 163.60%. The business had revenue of $8.65 million during the quarter, compared to the consensus estimate of $3.33 million. During the same period in the prior year, the business posted ($0.35) earnings per share. Arena Pharmaceuticals’s revenue was down 43.7% compared to the same quarter last year. As a group, sell-side analysts expect that Arena Pharmaceuticals, Inc. will post -3.26 EPS for the current fiscal year.
In other news, CMO Preston Klassen sold 16,000 shares of the company’s stock in a transaction on Monday, January 7th. The stock was sold at an average price of $41.69, for a total transaction of $667,040.00. Following the completion of the sale, the chief marketing officer now directly owns 16,000 shares of the company’s stock, valued at $667,040. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Steven W. Spector sold 1,500 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $46.10, for a total value of $69,150.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,700 shares of company stock valued at $791,378. 1.92% of the stock is currently owned by company insiders.
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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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