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Shares of Arena Pharmaceuticals (NASDAQ:ARNA) were the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 40,134,869 shares, a decrease of 2.2% from the July 15th total of 41,042,913 shares, Analyst Ratings Net reports. Based on an average daily trading volume, of 5,026,926 shares, the days-to-cover ratio is presently 8.0 days. Approximately 18.4% of the shares of the company are short sold.

Separately, analysts at WallachBeth Capital cut their price target on shares of Arena Pharmaceuticals from $9.00 to $8.00 in a research note on Thursday, August 7th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $8.10.

Arena Pharmaceuticals (NASDAQ:ARNA) opened at 4.275 on Wednesday. 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 $4.99 and its 200-day moving average is $6.08. The company’s market cap is $939.8 million.

Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings data on Friday, August 1st. The company reported $0.03 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.11) by $0.14. The company had revenue of $12.80 million for the quarter, compared to the consensus estimate of $9.81 million. During the same quarter last year, the company posted $0.18 earnings per share. Arena Pharmaceuticals’s revenue was down 81.4% compared to the same quarter last year. Analysts expect that Arena Pharmaceuticals will post $-0.32 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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