Last Month During OPEX week, it rallied to $9.50 mon-tue, then the MM's crushed it wed-fri from $9.50-$8.65
There are 65,000 calls outstanding at the $10 strike and 20,000 calls open at the $9 strike. This represents tens of millions of dollars that the MM's will lose in 3 days unless they push ARNA atleast down to 10 by Friday and preferably $9 which is the max pain point. This end of day attack is the MM's ramping up their manipulation for opex. Expect the main attack to begin tomorrow - friday. Simply too much money to be had by pushing ARNA down for opex.
They will pull out all stops the next 2 1/2 days to make those calls expire worthless. Look for negative articles, throngs of paid bashers, as well as rumors and innuendo that something is wrong. Pay NO attention as there is nothing wrong - this company is executing on strategy and catalysts like the DEA sign-off, EMA approval, new partners, new milestone payments . . . all good.