Insider Selling: Arena Pharmaceuticals Director Sells 2,473 Shares of Stock (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA) Director Donald D. Belcher sold 2,473 shares of the company’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $5.85, for a total value of $14,467.05. Following the sale, the director now directly owns 94,112 shares of the company’s stock, valued at approximately $550,555. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Arena Pharmaceuticals (NASDAQ:ARNA) traded up 0.34% during mid-day trading on Friday, hitting $5.85. 5,961,496 shares of the company’s stock traded hands. Arena Pharmaceuticals has a one year low of $4.05 and a one year high of $7.97. The stock’s 50-day moving average is $6.22 and its 200-day moving average is $6.38. The company’s market cap is $1.285 billion. Arena Pharmaceuticals also saw a large drop in short interest during the month of June. As of June 13th, there was short interest totalling 42,042,171 shares, a drop of 4.3% from the May 30th total of 43,940,567 shares. Currently, 19.3% of the shares of the company are short sold. Based on an average daily volume of 5,220,657 shares, the short-interest ratio is currently 8.1 days.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings data 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 EPS for the current fiscal year.
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 given a buy rating to the stock. Arena Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $8.70.
Arena Pharmaceuticals, Inc (NASDAQ:ARNA) is a biopharmaceutical company focused on discovering, developing and commercializing drugs that target G protein-coupled receptors.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.