Arena Pharmaceuticals And 6 More Stocks To Watch
Rising short-interest indicates bearishness for the company is building up by investors. Between November 30 2012 and December 14, short-selling increased between 1% and 15% for a number of biotech companies. Rising short-selling could mean upside if the prospects for the companies improve.
The short-selling volume, sorted by change, is listed below:
Are short-sellers wrong? Below is a summary explaining why investors are negative on some of these companies.
Business Section: Investing Ideas
Amarin Corporation (AMRN) investors were disappointed that the company will be hiring its own sales force. Amarin has yet to announce a partner, which added to the disappointment. The company recently submitted a supplemental New Drug Application to the FDA for Chemport, Inc. The company is a supplier for an additional active ingredient for Vascepa.
Bearishness rose by 8% for Savient Pharmaceuticals, Inc. (SVNT). In November, the company reported quarterly earnings that missed estimates by $0.08 per share, while revenue of $4.5M missed estimates by $1.3 million.
Amgen Inc. (AMGN), whose market share is $65 billion, continued to declined recently. The company pleaded guilty and settled a criminal and civil liability for promotional activities around Aranesp. The settlement amount is $762 million.
Short-selling increased 5% for Dendreon Corp. (DNDN). Shares rallied 41% from a low. The company sold its immunotherapy manufacturing facility for $43M.
Exelixis, Inc. (EXEL) shares continued lower after bears covered the bets. After rising to $5, shares traded recently at $4.51. On November 30, the company said it received approval for a drug to treat a rare type of thyroid cancer.
Avanir Pharmaceuticals (AVNR) reportedquarterly earnings in mid-December that missed estimates, although revenue was higher than expected. The company reported revenue of $13.5 million.
Arena Pharmaceuticals, Inc. (ARNA) is the maker of Belviq, a drug used to treat obesity. Its partner, Eisai, wants to get faster approval, which would mean the drug would be available at pharmacies on February 7 2013.