Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,253,155 shares, a drop of 40.0% from the July 14th total of 2,089,884 shares. Approximately 4.0% of the company’s shares are sold short. Based on an average daily trading volume, of 1,043,922 shares, the short-interest ratio is currently 1.2 days.

Shares of Arena Pharmaceuticals (NASDAQ:ARNA) opened at 21.03 on Friday. Arena Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $27.86. The company’s 50 day moving average price is $21.42 and its 200-day moving average price is $15.97. The firm’s market capitalization is $824.80 million.

Arena Pharmaceuticals (NASDAQ:ARNA) last posted its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.74) by $0.03. The company had revenue of $6.49 million during the quarter, compared to analyst estimates of $5.58 million. Arena Pharmaceuticals had a negative net margin of 16.27% and a negative return on equity of 49.87%. The business’s revenue for the quarter was down 31.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.10) earnings per share. On average, equities research analysts expect that Arena Pharmaceuticals will post ($2.94) EPS for the current fiscal year.

Several equities research analysts have recently commented on ARNA shares. BidaskClub raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. ValuEngine raised Arena Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Cantor Fitzgerald initiated coverage on Arena Pharmaceuticals in a research note on Thursday, June 15th. They set an “overweight” rating and a $4.00 price objective for the company. Wells Fargo & Company reaffirmed a “market perform” rating and set a $19.00 price objective (up from $15.00) on shares of Arena Pharmaceuticals in a research note on Wednesday, July 12th. Finally, Zacks Investment Research cut Arena Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $36.00.

A number of hedge funds have recently modified their holdings of ARNA. TIAA CREF Investment Management LLC increased its stake in shares of Arena Pharmaceuticals by 12.7% in the first quarter. TIAA CREF Investment Management LLC now owns 781,492 shares of the biopharmaceutical company’s stock worth $1,141,000 after buying an additional 88,301 shares during the last quarter. 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 during the last quarter. AXA increased its stake in shares of Arena Pharmaceuticals by 1,420.6% in the first quarter. AXA now owns 568,700 shares of the biopharmaceutical company’s stock worth $830,000 after buying an additional 531,300 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Arena Pharmaceuticals by 292.6% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 278,375 shares of the biopharmaceutical company’s stock worth $405,000 after buying an additional 207,475 shares during the last quarter. Finally, American International Group Inc. increased its stake in shares of Arena Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 150,966 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 9,959 shares during the last quarter.

ILLEGAL ACTIVITY NOTICE: “Arena Pharmaceuticals, Inc. (ARNA) Sees Large Decline in Short Interest” was reported by Daily Political and is the property of of Daily Political. If you are accessing this news story on another website, it was illegally stolen and republished in violation of US & international trademark & copyright laws. The legal version of this news story can be accessed at https://www.dailypolitical.com/2017/08/12/arena-pharmaceuticals-inc-arna-sees-large-decline-in-short-interest.html.

Arena Pharmaceuticals Company Profile

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).

Receive News & Ratings for Arena Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.