Arena (ARNA) Shares Dive 10% in Mid-Day Trade; Short Sale Rule 201 Now In Effect
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Shares of Arena Pharma (Nasdaq: ARNA) just plunged sharply below the $2.75 level in intraday trade. The stock fell more than 10 percent in just a few minutes of trade, however has bounced modestly. Shares are now down 7.3 percent for the session.
The recent move lower put the SEC's short sale Rule 201 in effect.
Volume looks to be extremely light compared to the 30-day moving average at about 11 million shares per day. About 3.3 million shares of Arena have traded so far Thursday.
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The recent move lower put the SEC's short sale Rule 201 in effect.
Volume looks to be extremely light compared to the 30-day moving average at about 11 million shares per day. About 3.3 million shares of Arena have traded so far Thursday.
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