Lief sold 223,525 shares on July 1 at $5.85 per share. The transaction was an "automatic sell" apparently triggered by a declining share price.
While unusual, the transaction isn't unique among Arena's insider deals. Dominick Behan sold 200,000 shares at $6.30 per share in October, according to filings.
"Lief dumping 40% of his Arena shares all at once when the stock is hitting new lows isn't exactly confidence inspiring," wrote TheStreet columnist Adam Feuerstein.
Feuerstein said the transaction is the death knell of intermittent rumors that Eisai Co. (OTC: ESALY) will acquire Arena.
After opening sharply lower Monday, Arena traded recently at $5.33, down 8.73 percent.
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