Arena Pharma (ARNA) Sees Early Pressure Following Recent Buying Frenzy

June 14, 2012 10:07 AM EDT
Arena Pharmaceuticals (Nasdaq: ARNA) is seeing a rare down day which, actually might not last too much longer based on how the stock is moving.

Option implied volatility is up 2.6 points from Wednesday's closed to 178 percent.

Shares are down about 3 percent on the session.

Traders have been buying Arena ahead of its FDA PDUFA meeting date for lorcaserin, its proposed obesity-fighting drug. Shares have more than doubled since a positive panel outcome for the drug on May 10th.

Shares have ended lower just five of the last 17 sessions.

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