Arena Pharma Down 40% on FDA Leak (ARNA)

Shares of Arena Pharmaceuticals Inc.

are lower by 39.85%, currently trading at $4.12. The stock is cratering today on a leak of FDA news that Arena's weight loss drug, Lorcaserin, is effective only “by a slim margin.” The U.S. Food and Drug Administration is set to release its findings on Lorcaserin this Thursday. ARNA will then hold a webcast to discuss the ruling Friday morning, at 7:00 am est. Options trading is mixed in the name, so far. As of 9:50 est, 40,000 calls have trade and 29,000 puts. Arena Pharmaceuticals, Inc. (Arena) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors (GPCRs), in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.