Actually I was holding $ARNA for 2 years+. I bought after they got rejected by the FDA panel. I held throughout the FDA panel approval (especially that one biased panel member, clearly wanted VVUS's Qysmia to be the favored drug), and held through the FDA approval of Lorcaserin/Belviq, only to see the sell-off and drop back to the $4's. I realized with this stock, speculation of being the only FDA prescription weight-loss approved drug in over a decade was the fuel.. Now looking at their sales, looks like they would need to expand the uses of Lorc HCI ASAP (undergoing clinical trials), because sales are dismal at best (compared to the numbers people were expecting).
However, the potential of Lorcaserin is HUGE, the market is HUGE, and there are many uses for the drug's delivery system. When the clinical studies are complete and Lorcaserin surpasses just being a weight-loss drug, the potential is huge. Type II Diabetes, chronic/pain management, and weight-loss should provide a blockbuster hit for Lorcaserin.
I am clearly stating my opinion, with my years of experience with Arena Pharmaceuticals, I believe, the stock price will not be near $10.00 anytime soon. I would recommend to buy around half of your stake at 5's, and if it drops to 4's grab the other half. Do not purchase this stock at 6+, I'm telling you, this thing gets shorted hard.
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