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Arena Pharmaceuticals (NASDAQ:ARNA) saw a large decline in short interest in May. As of May 15th, there was short interest totalling 46,073,021 shares, a decline of 9.0% from the April 30th total of 50,611,732 shares, Stock Ratings Network reports. Approximately 21.2% of the company’s shares are sold short. Based on an average trading volume of 7,053,411 shares, the days-to-cover ratio is presently 6.5 days.

Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Arena Pharmaceuticals in a research note on Thursday, April 24th. They set a “market perform” rating on the stock. One investment 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. Arena Pharmaceuticals presently has an average rating of “Hold” and an average target price of $8.70.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 6.06 on Tuesday. Arena Pharmaceuticals has a one year low of $4.05 and a one year high of $9.05. The stock has a 50-day moving average of $6.40 and a 200-day moving average of $6.38. The company’s market cap is $1.331 billion.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Monday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by $0.02. The company had revenue of $6.80 million for the quarter, compared to the consensus estimate of $7.98 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The company’s revenue for the quarter was up 186.9% on a year-over-year basis. On average, analysts predict that Arena Pharmaceuticals will post $-0.44 earnings per share for the current fiscal year.

Arena Pharmaceuticals, Inc (NASDAQ:ARNA) is a biopharmaceutical company focused on discovering, developing and commercializing drugs that target G protein-coupled receptors.

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