5 Best Hemp Stocks To Buy Now

3. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)

Number of Hedge Fund Holders: 34

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is a biotech company that is involved in the manufacture of cannabis and hemp oil products. Ranked third on our list of the 11 best hemp stocks to buy now, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has a market capitalization of $3.89 billion.

Earlier this August, Cantor Fitzgerald analyst Alethia Young kept a price target of $93 on Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) alongside an Overweight rating on the shares of the company.

After the FDA issued a black box warning of JAK inhibitors earlier this September, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s share price has rallied sharply. The growth is largely attributed to its oral selective S1P receptor modulator called, known as Etrasimod.

By the end of the second quarter of 2021, 34 hedge funds out of the 873 tracked by Insider Monkey held stakes in Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) worth about $756.6 million. This is compared to 33 hedge fund holders in the preceding quarter, holding stakes worth roughly $822.5 million. The firm reported an EPS of -$2.40 for the same quarter.

Out of the hedge funds being tracked by Insider Monkey, Kurt Emster’s VenBio Select Advisor is a leading shareholder of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), with over 4 million shares worth more than $277.9 million.