Someone institutional investor is buying in big at the rock bottom floor of $5.85. Or covering a short.
ARNA has been range bound for days and it appears the large orders executed at day's end are compliments of dark pool activity where shares are harvested all day, likely from retail investors frustrated at the stock price and action or lack thereof, and executed at an agreed price. Huge blocks of over 1 million shares therefore have no effect on the stock price. Gone are the days where institutes had to buy on the market just like retail investors do. Hard to tell if the buyer was long or covering a short.
Imagine a market order for 1 million shares and what that would do to the share price?
I am Sooo #$%$ sick of this nonsense that goes on. So they just pull this cr*p until "they" have what "they" want with dark pools etc. So basically the stock is going to go nowhere until "they" want it to, and until that time they will accumulate via these methods so PPS doesn't move. Stock market in this country is such a rigged joke its unreal.