Arena Pharmaceuticals CEO Unloads $1,307,621 in Stock (ARNA)
Arena Pharmaceuticals (NASDAQ:ARNA) CEO Jack Lief sold 223,525 shares of Arena Pharmaceuticals stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $5.85, for a total transaction of $1,307,621.25. Following the transaction, the chief executive officer now directly owns 361,039 shares of the company’s stock, valued at approximately $2,112,078. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 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 stock. Arena Pharmaceuticals has an average rating of “Hold” and a consensus price target of $8.70.
Arena Pharmaceuticals (NASDAQ:ARNA) traded up 0.17% on Thursday, hitting $5.84. The stock had a trading volume of 2,402,657 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 $6.14 and its 200-day moving average is $6.39. The company’s market cap is $1.283 billion. Arena Pharmaceuticals also saw a significant decline in short interest in 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. Currently, 19.3% of the company’s shares are short sold. Based on an average daily 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 (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. 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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