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Arena Pharmaceuticals Crosses Above its 10-day MA (ARNA)

Published on Fri, 03/22/2013 - 11:14
By Peter Chu

Arena Pharmaceuticals (NASDAQ:ARNA) shares have crossed bullishly above their 10-day moving average of $8.07 on a volume of 4.7 million shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

There is potential upside of 11.4% for shares of Arena Pharmaceuticals based on a current price of $8.26 and an average consensus analyst price target of $9.20. The stock should run into initial resistance at its 50-day moving average (MA) of $8.64 and subsequent resistance at its 200-day MA of $8.81.

Arena Pharmaceuticals, Inc. is a biotechnology company that has developed a receptor-based screening assay using their own CART technology.

Arena Pharmaceuticals share prices have moved between a 52-week high of $13.50 and a 52-week low of $1.77 and are now trading 367% above that low price at $8.26 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 1.4%.

By Peter Chu