Arena (ARNA) Shares Sink as Piper Jaffray Downgrade Weighs
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Price: $99.98 --0%
Rating Summary:
10 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 23
Rating Summary:
10 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 23
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Shares of Arena Pharma (Nasdaq: ARNA) are now down more than 12 percent following an earlier downgrade from Piper Jaffray's Edward Tenthoff. The analyst now rates the stock a Neutral, down from Overweight previously.
The stock has rallied more than 33 percent since the FDA issued briefing documents ahead of an Advisory Committee meeting on the cardiovascular risks of obesity drugs. Arena shares ran up by more than 30 percent over the previous four trading sessions (from March 20th to March 23rd) in anticipation of the meeting. The meeting will conclude Thursday.
Arena shares last traded at $2.85.
The stock has rallied more than 33 percent since the FDA issued briefing documents ahead of an Advisory Committee meeting on the cardiovascular risks of obesity drugs. Arena shares ran up by more than 30 percent over the previous four trading sessions (from March 20th to March 23rd) in anticipation of the meeting. The meeting will conclude Thursday.
Arena shares last traded at $2.85.
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