Question About Arena Pharmaceuticals (ARNA)

October 26, 2009 · Filed Under obesity 

Arena Pharmaceuticals (NASDAQ:ARNA) announced what should have been viewed as positive news, but its shares barely moved.

The firm reported that reported that data from the pivotal BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management) Phase 3 trial demonstrate lorcaserin significantly increased excess weight loss, improved markers of cardiovascular risk and glycemic parameters, and was not associated with depression or suicidal ideation. Additional subgroup analyses showed that lorcaserin caused the greatest improvements in lipid profiles, glycemic parameters and other markers of cardiovascular risk in patients in the highest risk categories. The new data were presented at Obesity 2009, the 27th Annual Scientific Meeting of The Obesity Society.

Investors must be quite skeptical because shares trade at $4.59, up 5% today but still below their 52-week high of $7.42. It may be that investors are still put off by ARNA’s huge losses which were $38 million in the June quarter.

Douglas A. McIntyre

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