Volume Spike Investor

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) came out with its news that it plans to submit its new drug ppplication for lorcaserin to the FDA in December after its one-year BLOSSOM trial met all primary efficacy and the safety endpoints. Arena also noted that patients achieved highly significant weight loss and was not associated with depression or suicidal ideation.  Apparently the weight loss is not enough, because shares are down almost 15% at $41.16 on very active trading.  At 8:12 AM EST we have already seen 4 million shares trade hands versus an average volume of about 2.5 million shares.  The stock to watch on this is VIVUS Inc. (NASDAQ: VVUS) as its shares are up 6% at $11.23 as its results seem superior.  VIVUS also has a secondary offering that it raising cash in as 9 million shares were sold at $10.50, so you can expect the volume to be high here today. -JON C. OGG