Arena Pharmaceuticals Trades to Two Month High

Shares of Arena Pharmaceuticals ARNA are trading higher on the session by 5.03%, at $1.56. The stock just rallied through this month's high, at $1.53, and has its eyes set on the 200-day moving average, at $1.80. The stock is now trading at a two month high, though traders see more upside coming. Call volume is elevated today, pushing implied volatility to a one month high. Action is largely in small lots, though the August $2.00 strike has traded 1,400 times on open interest of 2,543 contracts. Note that Arena Pharmaceuticals has 13.46% short interest on a float of 144.7 million shares. Arena Pharmaceuticals, Inc. 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.