Investors Continue to Take Profits in Arena (ARNA); Shares Down ~13% Over Last Two Sessions
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Shares of Arena Pharma (Nasdaq: ARNA) are continuing lower once again Tuesday following a nearly 5 percent decline on Monday. The stock is currently down about 8 percent to around $2.52. Notably, it appears shares may be able to hold above support at $2.50.
Arena shares surged about 85 percent during the end of March following fourth-quarter results and ahead of an FDA advisory committee meeting to discuss the cardiovascular risks of obesity drugs. Investors are likely continuing to take profits following the very sharp move higher.
Peers Orexigen (Nasdaq: OREX) and VIVUS (Nasdaq: VVUS) are not trading similarly to Arena shares this morning.
Of note over the last several trading sessions, Arena shares tested the 200-day SMA but have yet to push back over the technical indicator.
Volume appears to be heavy Tuesday. About 7.7 million shares of Arena have already traded hands, which compares to the stock's 30-day average of about 11 million shares per day.
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Arena shares surged about 85 percent during the end of March following fourth-quarter results and ahead of an FDA advisory committee meeting to discuss the cardiovascular risks of obesity drugs. Investors are likely continuing to take profits following the very sharp move higher.
Peers Orexigen (Nasdaq: OREX) and VIVUS (Nasdaq: VVUS) are not trading similarly to Arena shares this morning.
Of note over the last several trading sessions, Arena shares tested the 200-day SMA but have yet to push back over the technical indicator.
Volume appears to be heavy Tuesday. About 7.7 million shares of Arena have already traded hands, which compares to the stock's 30-day average of about 11 million shares per day.
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