NEW YORK (TheStreet) -- Arena Pharmaceuticals (ARNA) shares are down 1.63% to $4.29 in early market trading on Wednesday after the company announced that its CFO Robert E. Hoffman would be leaving the company on July 10.
Hoffman will be leaving after spending the last 18 years with the company as he accepts an offer with another unnamed biopharmaceutical company.
"Robert has been a valuable member of our management team and, on behalf of myself and the company, I thank him for his years of leadership and service to Arena," said CEO Jack Lief.
The company did not name a replacement for Hoffman, but did say that current vice president, accounting and controller Jennifer K. Bielasz will continue to play a leading role in the company's finance department.
TheStreet Ratings team rates ARENA PHARMACEUTICALS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ARENA PHARMACEUTICALS INC (ARNA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: