Arena Pharma (ARNA) Has a New Rating from SMBC Nikko

Arena Pharma (ARNA) received a Buy rating and a $100.00 price target from SMBC Nikko analyst SMBC Nikko yesterday. The company’s shares closed last Thursday at $65.78.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Arena Pharma with a $94.67 average price target, representing a 47.2% upside. In a report issued on November 10, H.C. Wainwright also maintained a Buy rating on the stock with a $90.00 price target.

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Based on Arena Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $20K and GAAP net loss of $97.44 million. In comparison, last year the company earned revenue of $1.35 million and had a GAAP net loss of $72.87 million.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ARNA in relation to earlier this year. Most recently, in August 2020, Tina Susan Nova, a Director at ARNA sold 17,300 shares for a total of $1,175,189.

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Arena Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases. The company was founded by Dominic P. Behan and Jack Lief on April 14, 1997 and is headquartered in San Diego, CA.

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