Frenzied activity continues for Arena Pharmaceuticals (ARNA), now down 8% after dropping more than 18% in a matter of minutes, a follow-on to its 11% gain on heavy volume yesterday. As the run-up to an FDA decision on its lorcaserin diet drug continues, the company had risen 39% this week before today's open.
The selling pressure seen by Arena Pharmaceuticals (ARNA -16.4%) remains intense, as shares give back a healthy chunk of their recent gains. Possibly hurting Arena's cause is an article from SA's Shane Blackmon, who notes Arena's rally has been fueled by short-covering (22% of the float was shorted as of May 31), and argues "a bear raid seems inevitable" ahead of the FDA's expected June 27 decision on the company's Locaserin weight-loss drug.
The selling pressure seen by Arena Pharmaceuticals (ARNA -16.4%) remains intense, as shares give back a healthy chunk of their recent gains. Possibly hurting Arena's cause is an article from SA's Shane Blackmon, who notes Arena's rally has been fueled by short-covering (22% of the float was shorted as of May 31), and argues "a bear raid seems inevitable" ahead of the FDA's expected June 27 decision on the company's Locaserin weight-loss drug.
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