Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Accuse US Drug Enforcement Agency of Conspiring with Wall Street Hedge Funds to Delay Commercial Release of Belviq

Pompano Beach, FL -- (SBWIRE) -- 01/15/2013 -- Some Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) retail-investor stockholders blame the US Drug Enforcement Agency of collaborating with Wall Street hedge funds to postpone the commercial release of the firm's weight-loss pill Belviq.

The DEA is gathering public remarks on its planned rule making Belviq a Schedule IV controlled material. The 30-day remarks period ends on January 18, following which DEA will conclude its ruling. After additional 30-day waiting period, the regulation becomes effective and Arena's marketing partner Eisai can begin selling Belviq and start to compete versus Vivus’ Qsymia.

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But this routine bureaucratic process is too long and unnecessary, as stated by some Arena supporters who think Belviq should be made commercially available instantly.

At the current trading session, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares are up +6.57% to $10.87 while the stocks are trading within the range of $10.13 – $10.93. In the past year, the stock has traded within a range of $1.54– $13.50. Average daily trading volume is 8.49 million shares.

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If we look at a few other stocks within industry, Gilead Sciences, Inc., VIVUS, Inc. and Celsion Corporation are in the gainer lists. Let’s have a quick look on their Market performance.

Gilead Sciences, Inc. (NASDAQ:GILD) shares are up +0.05% to $77.81 while the stock is trading within the range of $77.38 – $78.35 in the current trading session. In the last 12 months the shares have traded between $43.81 and $78.59. The average daily trading volume is 4.61 million shares.

For How Long GILD’s Gloss will Attract Investors? Find out via this report

VIVUS, Inc. (NASDAQ:VVUS) shares in the current session moved up +4.37% reaching $14.56. The stocks are trading in a range of $13.82 – $14.68. In the last year the stock has moved within a range of $9.86 – $31.21. The Company’s average daily trading volume is 5.25 million shares.

Why Should Investors Buy VVUS After The Recent Gain? Just Go Here and Find Out

Another rival company, Celsion Corporation (NASDAQ:CLSN), is trading up +2.87% to $9.31. Intraday trading recorded the stock price in a range of $9.05 to $9.44. In the previous 52 weeks the stock’s price ranged between $1.63 and $9.44. Their average daily trading volume is 1.64 million shares.

What was the Moving Force behind CLSN On Bullish Run? Read This Research Report

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