Insider Selling: Donald D. Belcher Unloads 2,473 Shares of Arena Pharmaceuticals Stock (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA) Director Donald D. Belcher sold 2,473 shares of Arena Pharmaceuticals 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 completion of the sale, the director now directly owns 94,112 shares of the company’s stock, valued at approximately $550,555. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 5.86 on Tuesday. Arena Pharmaceuticals has a one year low of $4.05 and a one year high of $7.97. The stock has a 50-day moving average of $6.18 and a 200-day moving average of $6.39. The company’s market cap is $1.287 billion. Arena Pharmaceuticals also was the recipient of a large decline in short interest during the month of 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 company’s stock are sold short. Based on an average daily trading volume, of 5,220,657 shares, the short-interest ratio is presently 8.1 days.
Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the analysts’ 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 last year, the company posted ($0.09) earnings per share. Arena Pharmaceuticals’s revenue was up 186.9% compared to the same quarter last year. Analysts expect 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 company’s stock. The company 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.