What’s Moving These Hot Stocks: Arena Pharmaceuticals and Renren

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares climbed high, as the market pretty much believing that FDA approval of the company’s experimental obesity drug Lorcaserin is guaranteed. However, Barron’s cautions investors to think seriously prior to going after this stock at present levels since Arena and their drug still have to clear a number of hurdles, notably addressing remaining safety concerns and effects of competition from a reputedly safer and more effective competitor drug. Arena shares were trading down recently at $6.20 (down $0.41 or 6.17%).

Don’t Miss: ESPN Makes a Play For Apple.

Renren Inc (NYSE:RENN): Both GSV Capital and the Firsthand Technology Value fund have taken out notable Facebook positions and are adding to gains yesterday following Facebook’s raise on its IPO price range (now $34-38). Zynga is higher too, as it derives much its revenue from the social networking company. Renren shares traded at $6.04 recently, up $0.56 or 10.20%.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.

Don’t Miss: Baidu Seeks This New Market in China.