Speculators Bet on Arena Pharma (ARNA) Getting Over $10 Following PDUFA
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Arena Pharmaceuticals (Nasdaq: ARNA) volatility is up 7 percent from Monday's close to 238 percent or so, heading into the pharma's PDUFA date for its weight-loss drug lorcaserin. Volatility is up 208 percent from its trailing annual average.
Shares have been wild lately into the numbers, with a rogue SA article last Friday causing investors to question potential for the drug.
Positioning is taking shape well, with July 10 call contracts seeing the most volume of any option being traded currently, at just under 11,000 contracts. Those option prices are 1.5 percent lower Tuesday. Volume on June 10 calls is also high at 6,200 contracts.
Shares of Arena are down 2.6 percent.
Shares have been wild lately into the numbers, with a rogue SA article last Friday causing investors to question potential for the drug.
Positioning is taking shape well, with July 10 call contracts seeing the most volume of any option being traded currently, at just under 11,000 contracts. Those option prices are 1.5 percent lower Tuesday. Volume on June 10 calls is also high at 6,200 contracts.
Shares of Arena are down 2.6 percent.
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