JPMorgan downgrades ARNA

Two weeks ago, JPMorgan upgraded shares of ARNA to Overweight. This morning, JPMorgan downgrades ARNA to Neutral, with a price target of $6. Sure, shares have appreciated 80% since the upgrade, but this appears suspicious. Could it be they have clients that need to cover their shorts--or longs that missed the run up and would like to enter at a lower price? Not that I am suggesting there is manipulation at work--since it's illegal, but the timing suggests opportunism.

http://www.businessweek.com/news/2010-08-02/boyd-charles-river-humana-mosaic-penske-u-s-equity-movers.html

http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9HBFN6O0

See disclaimers in the side bar.

Disclosure: long ARNA shares, added to my position this morning.

Thanks for the gift, JPMorgan and shorts.