I read that paragraph, too and it only makes sense that after ARNA's presentation, institution must have picked up that no REMs required whatsoever and is the best source from this?? JL the CEO himself!! 130 million shares traded since friday can't be wrong :)
Some investors and analysts have speculated that FDA could delay lorcaserin's approval by three months to give the agency more time to review the drug and finalize a risk-management plan to ensure safe use.
"I don't think institutions are piling into Arena but it's possible. Honestly, I don't know what's going on with the stock," said one of the investors who met with Lief.
Institutional ownership of Arena has been relatively low given widespread skepticism about lorcaserin's modest ability to shed weight. But mutual funds and other large Wall Street investors may be new converts and upping their ownership in Arena following the positive FDA panel and belief that FDA will follow through with a full approval.
Arena's short position was almost 40 million shares as of May 31, which could also help explain the stock's recent movement.