Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) was the biggest gainer in the biotech space as the stock soared over 14% to close at $8.26 on hefty volume of 26.75 million shares. The stock started to move higher in the mid day session after a report from Marketwatch that the company could be a buyout. The company won FDA’s approval for its new diet drug lorcaserin, also known as Belviq in June. Just after the FDA’ approval, the stock made a new 52-week high of $13.50. However, the stock has lost 40% from its high in just about one and half month.
How Should Investors Trade ARNA Now, Find Out
Apple Inc.(NASDAQ:AAPL) saw high volatility during the session and made an intraday high of $638.61 before closing at $631.69. The stock closed at 4-month high and just 2% away from its life time high of $644. Amid continuous speculation that the company’s iPhone5 should hit the market this September, shares of AAPL are expected to see limited downside risk from here on with a resistance of $618. Just after the disappointing earnings, the stock quickly fell to $570 level, but rebounded in a week on optimism over the company’s upcoming new generation iPhone.
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