Point72 Asset Management L.P. Has $14.77 Million Position in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)

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Point72 Asset Management L.P. lifted its position in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 111.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 325,163 shares of the biopharmaceutical company’s stock after acquiring an additional 171,144 shares during the period. Point72 Asset Management L.P. owned approximately 0.65% of Arena Pharmaceuticals worth $14,769,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Voya Investment Management LLC increased its stake in Arena Pharmaceuticals by 3.8% in the third quarter. Voya Investment Management LLC now owns 410,697 shares of the biopharmaceutical company’s stock valued at $18,798,000 after acquiring an additional 15,194 shares during the last quarter. State Street Corp increased its stake in shares of Arena Pharmaceuticals by 15.0% in the 3rd quarter. State Street Corp now owns 2,016,099 shares of the biopharmaceutical company’s stock valued at $92,277,000 after purchasing an additional 263,282 shares during the last quarter. Neo Ivy Capital Management increased its stake in shares of Arena Pharmaceuticals by 40.1% in the 3rd quarter. Neo Ivy Capital Management now owns 12,121 shares of the biopharmaceutical company’s stock valued at $641,000 after purchasing an additional 3,471 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Arena Pharmaceuticals by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 77,854 shares of the biopharmaceutical company’s stock worth $3,563,000 after buying an additional 930 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new position in shares of Arena Pharmaceuticals during the 3rd quarter worth $119,000. 81.89% of the stock is owned by institutional investors.

ARNA traded up $1.50 on Thursday, reaching $43.00. The stock had a trading volume of 835,159 shares, compared to its average volume of 616,887. The company has a current ratio of 16.90, a quick ratio of 16.90 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 5.63 and a beta of 1.53. Arena Pharmaceuticals, Inc. has a fifty-two week low of $32.95 and a fifty-two week high of $64.48. The firm has a 50-day moving average of $46.65 and a 200-day moving average of $47.20.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported ($1.76) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.55) by ($0.21). Arena Pharmaceuticals had a net margin of 49.30% and a return on equity of 34.11%. The firm had revenue of $3.00 million during the quarter, compared to analyst estimates of $1.06 million. During the same period in the prior year, the company earned $1.35 EPS. Sell-side analysts anticipate that Arena Pharmaceuticals, Inc. will post -9.93 EPS for the current fiscal year.

In other news, CEO Amit Munshi sold 15,200 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $55.00, for a total value of $836,000.00. Following the completion of the sale, the chief executive officer now owns 22,950 shares of the company’s stock, valued at $1,262,250. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Robert Lind sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $55.00, for a total value of $247,500.00. Following the completion of the sale, the chief financial officer now owns 5,957 shares in the company, valued at $327,635. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,536 shares of company stock valued at $1,679,480. Corporate insiders own 2.73% of the company’s stock.

Several research firms recently weighed in on ARNA. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $56.00 price objective (down from $62.00) on shares of Arena Pharmaceuticals in a research note on Thursday, February 27th. Zacks Investment Research cut shares of Arena Pharmaceuticals from a “hold” rating to a “sell” rating and set a $49.00 target price for the company. in a report on Monday, December 30th. Royal Bank of Canada restated a “buy” rating and issued a $83.00 price target on shares of Arena Pharmaceuticals in a research note on Monday, January 27th. JPMorgan Chase & Co. raised shares of Arena Pharmaceuticals from a “neutral” rating to an “overweight” rating and set a $58.00 price target on the stock in a report on Friday, January 31st. Finally, BidaskClub upgraded shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, February 11th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Arena Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $63.17.

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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Institutional Ownership by Quarter for Arena Pharmaceuticals (NASDAQ:ARNA)

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