Arena Pharma (ARNA), Peers Lifeless into PDUFA; Has Event Been Priced In?
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Does anyone care about Arena Pharmaceuticals (Nasdaq: ARNA) anymore? Or is its PDUFA finally priced in?
Following some rapid movement higher over the last month-and-a-half, Arena shares are looking rather tame Tuesday, heading into its PDUFA date for lorcaserin, set to happen tomorrow, June 27th.
News articles have covered virtually every part of what might be in store for Arena and the potential of its weight-fighting drug.
Volume today is limp, with just 9,000,000 or so shares crossing ahead of the major event. Competitors VIVUS (Nasdaq: VVUS) and Orexigen (Nasdaq: OREX), which have seen average three-month volume levels in the millions, have traded just 235,000 and 106,000 shares, respectively, early in the session.
With its market cap at $1.7 billion, traders seem to be calling it regardless of the outcome tomorrow. Shares are about 4 percent lower on the session.
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Following some rapid movement higher over the last month-and-a-half, Arena shares are looking rather tame Tuesday, heading into its PDUFA date for lorcaserin, set to happen tomorrow, June 27th.
News articles have covered virtually every part of what might be in store for Arena and the potential of its weight-fighting drug.
Volume today is limp, with just 9,000,000 or so shares crossing ahead of the major event. Competitors VIVUS (Nasdaq: VVUS) and Orexigen (Nasdaq: OREX), which have seen average three-month volume levels in the millions, have traded just 235,000 and 106,000 shares, respectively, early in the session.
With its market cap at $1.7 billion, traders seem to be calling it regardless of the outcome tomorrow. Shares are about 4 percent lower on the session.
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