Arena (ARNA) volatility elevated into FDA advisory panel vote of 18-4

Arena (Nasdaq: ARNA) is recently up $3.50 to $7.16 in the premarket after an FDA advisory panel voted 18-4 in favor of the company's obesity drug. Leerink Swann upgraded the company to Outperform and has a 12-month valuation of $9-11 per share. Overall option implied volatility of 201 is above its 26-week average of 141 according to Track Data.

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