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Arena Pharmaceuticals(ARNA - Get Report) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. This stock is trading up 6.1% to $2.76 in recent trading.
Today's Range: $2.67-$2.87
52-week Range: $1.23-$3.47
Volume: 9.2 million
Three-Month Average Volume: 10.1 million
Shares of ARNA are ripping higher today in front of their FDA advisory panel meeting for its obesity drug Lorcaserin, which is scheduled for May 10. This will mark the second review cycle for Lorcaserin.
From a technical perspective, ARNA is spiking higher here on decent volume. This move is quickly pushing ARNA within range of triggering a near-term breakout trade. That trade will hit once ARNA takes out some near-term overhead resistance at $2.89 with high-volume.
Traders should now look for long-biased trades once ARNA sustains a move or close over $2.89 on volume that's near or above 10,123,900 shares. At last check, ARNA has hit an intraday high of 2.86 and volume is very close to its three-month average action. If we get that breakout today or soon, look for ARNA to rip higher toward its April highs $3.27 to $3.47 or possibly even above those levels.
To see more stocks under-$10 that are making notable moves higher today, check out the
Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.