Wall Street has been banking on Vivus (NASDAQ: VVUS) for a long time under two assumptions: a) Qnexa will get approved b) Arena's (NASDAQ: ARNA) Belviq will not get approved. The former will be decided shortly by the FDA. The latter turned out to be a false assumption that caught Wall Street by surprise, and as a consequence left institutions with only around 25% ownership of Arena.
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On May 10, Arena Pharma (NASDAQ: ARNA) is scheduled to appear before a FDA panel of experts that will make a recommendation on Lorcaserin, Arena's obesity medication. Studying the various social networking, discussion boards, blogs, and news, one can quickly sense two groups of participants: Those who are strongly convinced that Lorcaserin will be approved, and those who seem so determined to recommend that people should sell their shares more »