Alliancebernstein L.P. cut its position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 12.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 381,953 shares of the biopharmaceutical company’s stock after selling 52,200 shares during the period. Alliancebernstein L.P.’s holdings in Arena Pharmaceuticals were worth $558,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Arena Pharmaceuticals by 6.0% in the fourth quarter. State Street Corp now owns 6,228,914 shares of the biopharmaceutical company’s stock valued at $8,847,000 after buying an additional 350,997 shares in the last quarter. Norges Bank bought a new position in shares of Arena Pharmaceuticals during the fourth quarter valued at $1,785,000. Nationwide Fund Advisors raised its position in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Nationwide Fund Advisors now owns 430,708 shares of the biopharmaceutical company’s stock valued at $629,000 after buying an additional 19,762 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Arena Pharmaceuticals by 0.6% in the first quarter. Wells Fargo & Company MN now owns 177,515 shares of the biopharmaceutical company’s stock valued at $259,000 after buying an additional 1,050 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Arena Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 1,181,899 shares of the biopharmaceutical company’s stock valued at $1,725,000 after buying an additional 10,446 shares in the last quarter.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) opened at 20.53 on Friday. Arena Pharmaceuticals, Inc. has a 12-month low of $11.30 and a 12-month high of $27.86. The stock has a 50 day moving average of $22.17 and a 200 day moving average of $16.20. The firm’s market capitalization is $805.19 million.
Arena Pharmaceuticals (NASDAQ:ARNA) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by $0.03. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The business had revenue of $6.49 million during the quarter, compared to the consensus estimate of $5.58 million. During the same period last year, the firm earned ($1.10) EPS. The company’s quarterly revenue was down 31.8% compared to the same quarter last year. Equities research analysts anticipate that Arena Pharmaceuticals, Inc. will post ($2.94) earnings per share for the current year.
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Several research analysts have weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Arena Pharmaceuticals in a report on Tuesday, August 8th. BidaskClub lowered shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and set a $37.00 price objective on shares of Arena Pharmaceuticals in a report on Monday, July 17th. Wells Fargo & Company reissued a “market perform” rating and set a $19.00 price objective (up from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Finally, Citigroup Inc. lifted their price target on shares of Arena Pharmaceuticals from $23.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $36.00.
Arena Pharmaceuticals Company 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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