The State Board of Administration of Florida Retirement System decides to keep it stake in Arena Pharmaceuticals Inc. (ARNA) to the level of $340,000

The State Board of Administration of Florida Retirement System decides to keep it stake in Arena Pharmaceuticals Inc. (ARNA) to the level of $340,000

State Board of Administration of Florida Retirement System continued to hold its position in shares of Arena Pharmaceuticals Inc. (NASDAQ:ARNA) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 199,052 shares of the biopharmaceutical company’s stock at the end of the second quarter. State Board of Administration of Florida Retirement System owned 0.08% of Arena Pharmaceuticals worth $340,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Arena Pharmaceuticals by 0.3% in the second quarter. California State Teachers Retirement System now owns 514,162 shares of the biopharmaceutical company’s stock worth $879,000 after buying an additional 1,425 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Arena Pharmaceuticals by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 1,141,792 shares of the biopharmaceutical company’s stock worth $1,953,000 after buying an additional 7,685 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Arena Pharmaceuticals by 1.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 174,091 shares of the biopharmaceutical company’s stock worth $343,000 after buying an additional 1,979 shares during the last quarter. Wellington Management Group LLP increased its stake in Arena Pharmaceuticals by 7.0% in the first quarter. Wellington Management Group LLP now owns 26,772,026 shares of the biopharmaceutical company’s stock worth $52,741,000 after buying an additional 1,741,275 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in Arena Pharmaceuticals by 1.7% in the first quarter. BlackRock Fund Advisors now owns 8,941,079 shares of the biopharmaceutical company’s stock worth $17,614,000 after buying an additional 151,491 shares during the last quarter. Institutional investors own 48.41% of the company’s stock.

Shares of Arena Pharmaceuticals Inc. (NASDAQ:ARNA) traded down 0.58% during mid-day trading on Thursday, reaching $1.72. 316,337 shares of the company’s stock were exchanged. The stock’s market cap is $418.40 million. Arena Pharmaceuticals Inc. has a one year low of $1.30 and a one year high of $2.68. The company has a 50 day moving average price of $1.69 and a 200-day moving average price of $1.73.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.01. The company had revenue of $9.50 million for the quarter, compared to the consensus estimate of $10.44 million. Arena Pharmaceuticals had a negative net margin of 291.35% and a negative return on equity of 226.09%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS. On average, analysts predict that Arena Pharmaceuticals Inc. will post ($0.35) EPS for the current year.

ARNA has been the subject of a number of recent research reports. Zacks Investment Research downgraded Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. JPMorgan Chase & Co. restated a “hold” rating on shares of Arena Pharmaceuticals in a report on Monday, August 8th. Jefferies Group restated a “buy” rating on shares of Arena Pharmaceuticals in a report on Wednesday, August 10th. Needham & Company LLC restated a “hold” rating on shares of Arena Pharmaceuticals in a report on Saturday, August 13th. Finally, FBR & Co initiated coverage on Arena Pharmaceuticals in a report on Thursday, September 15th. They issued an “outperform” rating and a $6.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $3.31.

About Arena Pharmaceuticals

Arena Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing small molecule drugs that target G protein-coupled receptors (GPCRs). The Company’s drug, Lorcaserin, is approved for marketing in the United States and South Korea for the indication of weight management, and is being commercialized under the brand name, BELVIQ.

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