Arena Pharmaceuticals, Inc. (NASDAQ:ARNA).
Citigroup starting coverage on the stock by announcing an initial rating of “Buy”. On June 15, 2017 Cantor Fitzgerald started coverage giving it an initial rating of “Overweight”.
Equity analyst Leerink Swann started covering the stock with a rating of “Outperform”. On September 15 analysts at FBR Capital released its first research report on the stock with an initial rating of “Outperform”.
In the market the company is trading down by -4.15% since yesterday’s close of $26. Shares last traded at $24.92 barely above $13.76, the stock’s 50 day moving average and which is slightly above the 200 day moving average of $14.27. The 50 day moving average was up $10.67 whereas the 200 day moving average was up $10.16 or +71.1837%.
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)..
As of the last earnings report the EPS was $-0.95 and is expected to be $-3.14 for the current year with 31,743,000 shares presently outstanding. Next quarter’s EPS is expected be $-0.78 with next year’s EPS projected to be $-3.14.
Investors are feeling more bearish on shares of Arena Pharmaceuticals, Inc. of late as implied by the rise in short interest. The company experienced a rise in short interest from June 15, 2017 to May 31, 2017 of 4.52%. Short interest increased from 8,006,653 to 8,368,661 over that period. The short-interest ratio increased to 4.3 and the percentage of shorted shares is 0.26% as of May 31.