It is currently trading at $25.36 a bit higher than the 50 day moving average which is $13.76 and just above the 200 day moving average of $14.27. The 50 day moving average was up $11.60 and the 200 day average went up $11.09 or +77.68%. (NASDAQ:ARNA) shares saw heavy trading volume with 5,327K shares changing hands on Thursday. Shares saw a steep increase in trading volume of 174.57% over the normal average daily volume.
Short traders are feeling a little more bearish on shares of the company of late considering the change in short interest. The firm recorded a rise in short interest of 4.52% as of the latest report on May 31, 2017. Short interest increased 362,008 over that timeframe. With short interest at 8,368,661 and short average daily volume at 1,944,218, days to cover is 4.3 and the short interest percentage is 0.26% as of May 31.
There has been some buying and selling insider activity on Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) recently. Amit Munshi, President and CEO disclosed the purchase of 25,000 shares of (ARNA). The shares were bought on May 12th for an average price of $1.19. The President and CEO now owns $91,481 of the stock per the Form 4 SEC filing. Amit Munshi, President and CEO acquired $70,500 worth of shares at an average price of $1.41 on Wed the 26th. That brings the President and CEO’s holdings to $73,144 as reported to the SEC.
Director Christine Anna White disclosed the sale of 18,728 shares. The shares were purchased at an average price of $1.99. White now owns $170,203 of the stock according to the SEC filing.
Here are some other firms who have updated their holdings. Goldman Sachs Group Inc grew its holdings by buying 15,300 shares an increase of 100.7% in the quarter. Goldman Sachs Group Inc owns 30,500 shares worth $45,000. The total value of its holdings increased 104.5%. Hightower Advisors, LLC cut its position by shedding 500 shares a decrease of 2.4% from 12/31/2016 to 03/31/2017. Hightower Advisors, LLC now controls 20,228 shares with a value of $29,000. The value of the position overall is down by 3.3%.
As of quarter end Janus Capital Management LLC had bought a total of 2,392 shares growing its holdings by 17.3%. The value of the investment in Arena Pharmaceuticals, Inc. went from $20,000 to $24,000 increasing 20.0% since the last quarter. State Street Corp added to its investment by buying 272,877 shares an increase of 4.4%. State Street Corp now holds 6,501,791 shares valued at $9,496,000. The total value of its holdings increased 7.3%.
On July 12 Citigroup kept the stock rating at “Buy” and moved up the price target to $37.00 from $23.00. On June 27 analysts at Citigroup started coverage setting a rating of “Buy”.
Cantor Fitzgerald added ARNA to its research portfolio with a rating of “Overweight”. On May 19, 2017 Leerink Swann began coverage with an initial rating of “Outperform”.
Equity analyst FBR Capital began coverage of ARNA giving it an initial rating of “Outperform”.
The company is down by -2.46 percent from yesterday’s close. As of the latest earnings report the EPS was $-0.94 and is estimated to be $-3.14 for the current year with 31,743,000 shares now outstanding. Next quarter’s EPS is forecasted to be $-0.78 and the next full year EPS is projected to be $-3.14.
Arena Pharmaceuticals, Inc., launched on April 14, 1997, is a biopharmaceutical company. The Company is focused on developing small molecule drugs across a range of therapeutic areas. The Company has three primary investigational clinical programs: etrasimod (APD334) in Phase II evaluation for ulcerative colitis, APD371 entering Phase II evaluation for the treatment of pain associated with Crohn’s disease, and ralinepag (APD811) in Phase II evaluation for pulmonary arterial hypertension (PAH). The Business’s drug, Lorcaserin, is approved for marketing in the United States and South Korea for the indication of weight management. The Business’s drug candidates in clinical development include APD334 for autoimmune diseases, ralinepag for vascular diseases and APD371 for pain. The Business’s programs under collaboration include nelotanserin for dementia-associated psychosis, temanogrel for thrombotic diseases, and an undisclosed orphan GPCR for central nervous system (CNS) indication(s)..