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Arena Pharmaceuticals (NASDAQ:ARNA) was the target of a significant drop in short interest in May. As of May 30th, there was short interest totalling 43,940,567 shares, a drop of 4.6% from the May 15th total of 46,073,021 shares, AnalystRatings.NET reports. Based on an average daily trading volume, of 3,705,182 shares, the days-to-cover ratio is currently 11.9 days. Approximately 20.1% of the company’s stock are sold short.

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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $8.70.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 6.28 on Tuesday. Arena Pharmaceuticals has a 1-year low of $4.05 and a 1-year high of $8.48. The stock’s 50-day moving average is $6.38 and its 200-day moving average is $6.40. The company’s market cap is $1.379 billion.

Arena Pharmaceuticals (NASDAQ:ARNA) last announced its earnings results on Monday, May 12th. The company reported ($0.12) EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted ($0.09) earnings per share. The company’s quarterly revenue was up 186.9% on a year-over-year basis. On average, analysts predict that Arena Pharmaceuticals will post $-0.43 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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