I think ARNA is being attacked by ARNA, specifically by the likes of JL and the other BoD.
Think about this for a moment. Would you retire if your annual salary was $1M and your annual compensation around $5M? That's why he is still working and will be until the bitter end.
Job well done to Jack and his friends. They deserve every free option they grant themselves on top of excessive executive salaries to boot.
Legal yes but once again, retail investor got thrown under the bus. See a pattern here?
The only evidence I have for your statement would be the secondary at $5.50 for about 11 million shares which was used to bail out Deerfield shorts so they wouldn't have to cover at market. This was confirmed in ARNA's regulatory filings. Deerfield needed 11 million shares exactly. Note that the secondary was offered at a steep discount to the $7 ARNA had hit then, crushing the retail rally.
Why then is ARNA sitting at $4 then? Do say?
Are you sick? So you prefer ARNA to be at $5.01 than $7.01 or $11.01 for the sole purpose of being able to buy cheap?
The price was $11 upon approval but over 2 years has fallen to ridiculous levels once again back to the $4 to $5 range. How could you even come close to saying that in 3 months the price could be $11?
How could you possibly know what JL's intentions are? Are you his financial planner? No insider in the history of ARNA has purchased shares on the open market. Do you really think that they would break this 10 year trend of excessive compensation and dilution at the expense of the retail investor? Where are you getting your stuff from?
I couldn't be happier with all the insider selling going on at the 52 week low. At least VVUS execs sold at $31. VVUS execs are all lawyers and at least knew when to take the money and run. It is unfortunate and possibly criminal but respectable. Our guys over at ARNA are supposed scientists who sell their load at 52 week lows like the fools we have always known them to be. They certainly deserve the infinite options they have assigned to themselves.
Again if ARNA were at $15 would anyone even notice? Not a chance but alas, ARNA thrives in mediocrity and is content to let the price fall where it may, content to let the FDA and DEA play their crippling games, and more than happy to bail out their short HF buddies at the drop of a hat.
It means absolutely nothing. Nothing period. RSI could be 1 and it will still sell off. That is ARNA for you. Put the charts away.
I am so happy that Jack is excited. Any more excitement and the price may just return to $1.50. Keep up the good work Jack, you da man!
We know clearly that that is not on the table now with the CEO selling 225,000 shares en masse. Forget rumors of buyout or merger. Laid to rest July 3rd.
Rationalize it all you like. Its there in black and white or should I say red.
I am sorry I didn't sell at $7.25 just prior to conference call when he price falls after every CC but one that I could recall.
Yes it was a delightful weekend knowing the CEO dumped Almost half his shares about 225K. Ignorance is bliss. Go ARNA!
The problem is who is buying? Not insiders and not tutes. Down 10%. Who is buying?
Counter? Really? How about a buy on the open market by any insider? You will never see it. How about a PR detailing all those patents? You will never see it. ARNA works for the shorts don't you see?