Arena Pharmaceuticals (ARNA) On 10-Day Winning Streak Ahead of FDA Approval
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While stocks are broadly selling-off, Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) is beasting higher. The stock is now up for tenth straight session.
Shares are up another 9 percent Thursday, on volume of over 50 million shares. Shares are up 78 percent since this latest run started on June 8th.
The surge comes in anticipation of FDA approval for obesity drug Lorcaserin, which is widely expected on June 27th - baring any last-minute delay.
With 35.7% of U.S. adults obese (as of 2010), according to the CDC, the market for Lorcaserin would seem massive. In 2008, medical costs associated with obesity were estimated at $147 billion. Both figures have likely only surged higher since.
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Shares are up another 9 percent Thursday, on volume of over 50 million shares. Shares are up 78 percent since this latest run started on June 8th.
The surge comes in anticipation of FDA approval for obesity drug Lorcaserin, which is widely expected on June 27th - baring any last-minute delay.
With 35.7% of U.S. adults obese (as of 2010), according to the CDC, the market for Lorcaserin would seem massive. In 2008, medical costs associated with obesity were estimated at $147 billion. Both figures have likely only surged higher since.
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