Arena Pharmaceuticals (NASDAQ:ARNA) Price Target Lowered to $58.00 at JPMorgan Chase & Co.

Arena Pharmaceuticals (NASDAQ:ARNA) had its price objective dropped by analysts at JPMorgan Chase & Co. from $59.00 to $58.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 22.36% from the company’s previous close.

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A number of other research firms have also recently weighed in on ARNA. Royal Bank of Canada restated a “buy” rating and issued a $79.00 price target on shares of Arena Pharmaceuticals in a report on Sunday, August 11th. TheStreet cut Arena Pharmaceuticals from a “b” rating to a “c+” rating in a report on Wednesday, August 7th. BidaskClub upgraded Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, ValuEngine cut Arena Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Arena Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $62.86.

NASDAQ:ARNA traded down $0.83 on Friday, reaching $47.40. The stock had a trading volume of 743,200 shares, compared to its average volume of 468,723. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -16.07 and a beta of 1.54. Arena Pharmaceuticals has a 12-month low of $31.97 and a 12-month high of $64.48. The firm’s fifty day moving average is $48.02 and its two-hundred day moving average is $53.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 36.51 and a quick ratio of 36.51.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.46) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.32) by ($0.14). The company had revenue of $1.35 million during the quarter, compared to analysts’ expectations of $2.06 million. Arena Pharmaceuticals had a return on equity of 53.92% and a net margin of 72.84%. The firm’s revenue was down 62.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.70) EPS. As a group, research analysts forecast that Arena Pharmaceuticals will post 8.51 earnings per share for the current fiscal year.

In other news, EVP Steven W. Spector sold 31,457 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.72, for a total transaction of $1,595,499.04. Following the completion of the transaction, the executive vice president now directly owns 22,964 shares in the company, valued at approximately $1,164,734.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Vincent Aurentz sold 65,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $50.72, for a total value of $3,296,800.00. Following the transaction, the vice president now owns 25,000 shares of the company’s stock, valued at $1,268,000. The disclosure for this sale can be found here. 2.73% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Arena Pharmaceuticals by 27.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 887 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 193 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Arena Pharmaceuticals by 4.2% during the 2nd quarter. Jane Street Group LLC now owns 9,055 shares of the biopharmaceutical company’s stock valued at $531,000 after buying an additional 366 shares during the last quarter. Stonebridge Capital Advisors LLC purchased a new position in shares of Arena Pharmaceuticals during the 2nd quarter valued at approximately $27,000. Commonwealth Equity Services LLC boosted its stake in shares of Arena Pharmaceuticals by 8.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,693 shares of the biopharmaceutical company’s stock valued at $392,000 after buying an additional 511 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Arena Pharmaceuticals by 2.6% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 25,198 shares of the biopharmaceutical company’s stock valued at $1,477,000 after buying an additional 650 shares during the last quarter. Institutional investors own 83.24% of the company’s stock.

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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