Short Interest in Arena Pharmaceuticals, Inc. (ARNA) Drops By 40.0%
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 1,253,155 shares, a decrease of 40.0% from the July 14th total of 2,089,884 shares. Currently, 4.0% of the shares of the stock are sold short. Based on an average daily volume of 1,043,922 shares, the days-to-cover ratio is currently 1.2 days.
Arena Pharmaceuticals (ARNA) opened at 21.27 on Wednesday. The company has a 50-day moving average price of $21.79 and a 200-day moving average price of $16.09. Arena Pharmaceuticals has a 1-year low of $11.30 and a 1-year high of $27.86. The company’s market cap is $834.21 million.
Arena Pharmaceuticals (NASDAQ:ARNA) last released its earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by $0.03. The firm had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $5.58 million. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The firm’s quarterly revenue was down 31.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.10) EPS. On average, analysts expect that Arena Pharmaceuticals will post ($2.94) EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Arena Pharmaceuticals during the fourth quarter worth about $1,785,000. Renaissance Technologies LLC increased its stake in shares of Arena Pharmaceuticals by 12.7% in the first quarter. Renaissance Technologies LLC now owns 8,479,445 shares of the biopharmaceutical company’s stock worth $12,380,000 after buying an additional 957,190 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Arena Pharmaceuticals by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,905,389 shares of the biopharmaceutical company’s stock worth $29,063,000 after buying an additional 910,434 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in shares of Arena Pharmaceuticals during the second quarter worth about $12,183,000. Finally, Wellington Management Group LLP increased its stake in shares of Arena Pharmaceuticals by 2.4% in the first quarter. Wellington Management Group LLP now owns 23,583,115 shares of the biopharmaceutical company’s stock worth $34,432,000 after buying an additional 547,663 shares in the last quarter.
Several research analysts have recently weighed in on ARNA shares. BidaskClub raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, July 7th. ValuEngine raised shares of Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Cantor Fitzgerald started coverage on shares of Arena Pharmaceuticals in a report on Thursday, June 15th. They issued an “overweight” rating and a $4.00 price target on the stock. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $19.00 price target (up previously from $15.00) on shares of Arena Pharmaceuticals in a report on Wednesday, July 12th. Finally, Zacks Investment Research cut shares of Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $36.00.
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About Arena Pharmaceuticals
Arena Pharmaceuticals, Inc 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).
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