Arena Pharmaceuticals (NASDAQ:ARNA) Downgraded by BidaskClub

BidaskClub downgraded shares of Arena Pharmaceuticals (NASDAQ:ARNA) from a buy rating to a hold rating in a research note released on Wednesday morning, BidAskClub reports.

A number of other equities analysts have also recently weighed in on the company. TheStreet cut Arena Pharmaceuticals from a b rating to a c+ rating in a report on Wednesday, August 7th. Royal Bank of Canada reissued a buy rating and set a $79.00 price objective on shares of Arena Pharmaceuticals in a report on Sunday, August 11th. Zacks Investment Research cut Arena Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, May 15th. ValuEngine cut Arena Pharmaceuticals from a hold rating to a sell rating in a report on Thursday, August 8th. Finally, Cantor Fitzgerald reissued a buy rating on shares of Arena Pharmaceuticals in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $63.67.

NASDAQ:ARNA opened at $55.72 on Wednesday. The business’s 50-day moving average price is $60.10 and its two-hundred day moving average price is $52.42. Arena Pharmaceuticals has a twelve month low of $31.97 and a twelve month high of $64.48. The stock has a market cap of $2.67 billion, a P/E ratio of -18.89 and a beta of 1.42. The company has a quick ratio of 35.51, a current ratio of 36.51 and a debt-to-equity ratio of 0.04.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.22). The business had revenue of $1.02 million during the quarter, compared to analysts’ expectations of $2.91 million. Arena Pharmaceuticals had a net margin of 72.84% and a return on equity of 53.92%. The business’s revenue was down 74.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.65) EPS. On average, equities research analysts expect that Arena Pharmaceuticals will post 8.83 EPS for the current fiscal year.

In related news, Director Jayson Donald Alexander Dallas sold 1,525 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $55.90, for a total transaction of $85,247.50. Following the transaction, the director now directly owns 5,704 shares in the company, valued at approximately $318,853.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.73% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of ARNA. Strs Ohio boosted its position in shares of Arena Pharmaceuticals by 1,646.2% in the 2nd quarter. Strs Ohio now owns 22,700 shares of the biopharmaceutical company’s stock worth $1,330,000 after purchasing an additional 21,400 shares in the last quarter. Bailard Inc. boosted its position in shares of Arena Pharmaceuticals by 36.7% in the 1st quarter. Bailard Inc. now owns 67,000 shares of the biopharmaceutical company’s stock worth $3,004,000 after purchasing an additional 18,000 shares in the last quarter. Legacy Bridge LLC acquired a new stake in shares of Arena Pharmaceuticals in the 1st quarter worth $67,000. Candriam Luxembourg S.C.A. boosted its position in shares of Arena Pharmaceuticals by 1.8% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 282,800 shares of the biopharmaceutical company’s stock worth $12,678,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Arena Pharmaceuticals in the 4th quarter worth $21,374,000. Institutional investors and hedge funds own 83.25% of the company’s stock.

Arena Pharmaceuticals Company Profile

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.

Featured Story: Moving Average (MA)

Analyst Recommendations for Arena Pharmaceuticals (NASDAQ:ARNA)

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.