Arena Pharmaceuticals (ARNA) Trades Down Following Stock Offering

May 15, 2012 4:06 PM EDT
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) is initially trading down 3 percent following the announcement of a stock offering after the close Tuesday.

The company didn't provide an amount but said the offering will be made through Jefferies & Company, Inc. and Piper Jaffray & Co.

Arena surged recently following FDA panel backing of its obesity drug Lorcaserin.

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