Arena Pharmaceuticals Inc.’s stock continues to fall, despite having successfully completed an early stage trial for a new pulmonary arterial hypertension drug.
Shares for Arena (Nasdaq: ARNA) closed at $6.69 Aug. 28, down 11 cents from the previous day of trading. But the company began the year at $9.02, and analysts projected shares for the San Diego pharmaceutical company would have risen by this point.
Arena received approval from the Food and Drug Administration for its anti-obesity drug, Belviq, last summer. However, it wound up waiting on approval from the Drug Enforcement Administration for several months, which delayed Belviq’s launch allowing competitors to enter the marketplace, causing a stagnancy of Arena's stock price.
Arena will begin Phase 2 trials for its new pulmonary arterial hypertension drug.
— Meghana Keshavan