Good news for ARNA shareholders

http://finance.yahoo.com/news/Arena-Pharmaceuticals-prnews-489018725.html?x=0&.v=1

The US FDA formally accepted the New Drug Application (NDA) from Arena Pharmaceuticals (ticker symbol "ARNA") for their anti-obesity drug Lorcaserin. Although this is good news for ARNA shareholders, the shorts will take this normally bullish development as an opportunity tank the price per share down in order to profit on the decline, as well as enable long institutional investors to accumulate more shares at a lower entry point. That's the Wall Street playbook.

Disclosure: long ARNA shares.