Randall E. Woods Sells 3,046 Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Stock

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Director Randall E. Woods sold 3,046 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $46.73, for a total transaction of $142,339.58. Following the sale, the director now owns 17,276 shares of the company’s stock, valued at approximately $807,307.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

NASDAQ:ARNA traded up $0.33 on Friday, reaching $45.75. 1,172 shares of the company’s stock were exchanged, compared to its average volume of 318,079. The company has a debt-to-equity ratio of 0.04, a current ratio of 21.90 and a quick ratio of 36.51. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -15.52 and a beta of 1.54. Arena Pharmaceuticals, Inc. has a 52 week low of $35.04 and a 52 week high of $64.48. The stock has a fifty day simple moving average of $47.62 and a 200-day simple moving average of $53.55.

Arena Pharmaceuticals (NASDAQ:ARNA) last issued its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.32) by ($0.14). The business had revenue of $1.35 million for the quarter, compared to the consensus estimate of $2.06 million. Arena Pharmaceuticals had a return on equity of 42.34% and a net margin of 68.29%. Arena Pharmaceuticals’s revenue for the quarter was down 62.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.70) EPS. As a group, sell-side analysts predict that Arena Pharmaceuticals, Inc. will post 8.16 EPS for the current year.

A number of large investors have recently modified their holdings of ARNA. Nuveen Asset Management LLC bought a new position in shares of Arena Pharmaceuticals in the second quarter valued at approximately $26,560,000. ETF Managers Group LLC bought a new position in shares of Arena Pharmaceuticals in the second quarter valued at approximately $23,749,000. Invesco Ltd. boosted its position in shares of Arena Pharmaceuticals by 3,642.0% in the second quarter. Invesco Ltd. now owns 223,619 shares of the biopharmaceutical company’s stock valued at $13,111,000 after acquiring an additional 217,643 shares during the period. Orbimed Advisors LLC bought a new position in shares of Arena Pharmaceuticals in the second quarter valued at approximately $6,449,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Arena Pharmaceuticals in the second quarter valued at approximately $5,320,000. Hedge funds and other institutional investors own 83.30% of the company’s stock.

ARNA has been the subject of a number of research analyst reports. Wood & Company restated a “sell” rating on shares of Arena Pharmaceuticals in a report on Thursday. BidaskClub downgraded shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday. Royal Bank of Canada restated a “buy” rating and set a $79.00 price objective on shares of Arena Pharmaceuticals in a report on Sunday, August 11th. JPMorgan Chase & Co. decreased their price objective on shares of Arena Pharmaceuticals from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Finally, TheStreet downgraded shares of Arena Pharmaceuticals from a “b” rating to a “c+” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $61.38.

About Arena Pharmaceuticals

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.

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