Insider Selling: Arena Pharmaceuticals Director Sells 2,473 Shares of Stock (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA) Director Donald D. Belcher unloaded 2,473 shares of the company’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $5.85, for a total transaction of $14,467.05. Following the completion of the transaction, the director now directly owns 94,112 shares in the company, 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.
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 research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.70.
Arena Pharmaceuticals (NASDAQ:ARNA) remained flat at $5.8499 during during mid-day trading trading on Monday. The stock had a trading volume of 724,495 shares. Arena Pharmaceuticals has a 52-week low of $4.05 and a 52-week 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 was the recipient of a large decline in short interest in June. As of June 13th, there was short interest totalling 42,042,171 shares, a decline of 4.3% from the May 30th total of 43,940,567 shares. Approximately 19.3% of the shares of the company are sold short. Based on an average trading volume of 5,220,657 shares, the short-interest ratio is currently 8.1 days.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly 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. Analysts expect that Arena Pharmaceuticals will post $-0.43 EPS 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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