Arena (ARNA) volatility elevated into PDUFA and downgrade

Arena (Nasdaq: ARNA) July put option implied volatility of 152 is above its 26-week average of 144 according to Track Data, suggesting larger near term price movement ahead of the June 27 PDUFA date for obesity drug, lorcaserin and the company being downgraded to Market Perform from Outperform at BMO Capital.

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