Arena Pharma (ARNA) Volatility Elevated, Shares Higher After Close of $70M Offering

May 22, 2012 10:11 AM EDT
Arena Pharmaceuticals (Nasdaq: ARNA) shares are drawing some attention Tuesday following the announcement late Monday underwriters on its 12.65 million offering exercised the full over-allotment of 1.65 million shares, for a total gross sale of $69.6 million.

Implied volatility is 5 percent above Monday's close with Arena currently at 43.8 percent of its trailing annual average.

Shares are 5 percent higher on the session.

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