Dallas, Texas 01/28/2014 (FINANCIALSTRENDS) – Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) the pharmaceutical with a current interest in the weight loss management drug sector saw large downward slide on the stock market, at close of trading on Monday Jan 27, 2014.
Biotechs with small-cap close sharply
Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) was not the only biotechnology major which saw the reverse move. Giving it company were others such as Galena, CytRx, Dyax as well as Tonix, Zogenix, Besides Synta. The largest drop was for Novavax at 9%, while Zogenix saw the shortest drop of 3.5%. These small and soon to grow pharmaceutical companies, predominantly from the biotechnology background were found to have moved at a scorching pace on the browsers. However, at the start of the year in 2014, the company has appeared to be a disturbed stock.
Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) main product line appears to be the weight loss product Belviq. The company has since been moving forward from a November round of expansion agreement with Eisai. The marketing agreement between the two companies, will allow more niche product placement, besides better targeted marketing strategies, given Eisai’s own well-developed networks.
Back in December both Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) and the other pharma major Inovio had recorded smart movements on the stock market following positive commentaries. Both the companies were given a lift upwards, in the face of likely upsides which spoke of turn of tide as well as growing twice the size of the levels the stock held in December 2013.
Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) is a $1.51 billion market cap company with 7,904,63 volume shares. The company trades on the stock market at $6.93, which is sharply lower at -0.39, and an overall downward slide of 5.33%. The stocks for Arena had seen a 52 week high of $9.25 and a 52 week low of $4.05. The EPS is -0.08.