Arena Pharmaceuticals

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Arena Pharmaceuticals ( ARNA) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors. This stock, which is rated D- sell by TheStreet Ratings, is trading up 10.9% at $1.78 in recent trading.

Today's Range: $1.70-$1.86

52-Week Range: $1.21-$2.62

Volume: 4.9 million

Three-Month Average Volume: 1.85 million

Shares of ARNA are jumping higher today after the U.S. Food and Drug Administration said it has accepted its resubmitted application for the diet-drug Lorcaserin. The FDA is expected to decide on whether to approve the drug by June 27.

From a technical standpoint, ARNA is soaring back above its 50-day moving average of $1.67 today on huge volume. Market players should continue to look for long biased trades as long as ARNA closes above the 50-day and near its daily high of $1.86.

If we get that action, look for ARNA to challenge $1.90 to $2 in the near future as long as the upside volume continues to track in strong. Any future move above $2.15 should then set this stock up to re-test its December high of $2.62.

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