ARNA questionI own arena (ARNA) In their recent quarertly sales report, sales seemed to go through very well. For the first time in years PPS went to +.18 so could you tell me why the stock is plumeting?
I’m new at this so I need help. Thanks.
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Looks like the trials of one of their new drugs aren’t going as well as hoped. They had to revise the disclosed side effects APD811 to include atrial fibrillation, which they describe as a “serious adverse event”. This is only phase 1 of clinical trials for APD811 – phase 2 starts 1st quarter next year.
Their Executive Vice President just sold 200,00 shares on Tuesday and 3 other officers have sold close to 100,000 combined shares in the last few months. No Arena officers have purchased stock this year. That kind of ‘insider’ selling scares investors and some analysts, which in turn could cause the stock price to fall.
They’ve received several downgrades by analysts recently that may also have hurt the stock price. For example: Zacks downgraded them from ‘outperform’ to ‘neutral’ and Piper Jaffray now rates them as ‘overweight’.
–MJ
Thanx MJ
I own 500 shares at 10.00 ps and was thinking maybe it was a good opportunity to buy more because of their Belviq sales success and possible Medicare approval, (I read that somewhere; don’t know if it has any validity). With this insider knowledge I think I’ll just wait & watch it awhile.
Randall