Will Arena’s Biggest Supporters WIN or LOSE Diet Drug Approval Today?

Almost 6 months through 2012, Arena Pharmaceutical Inc.’s (NASDAQ:ARNA) shares are up 371 percent. On Tuesday, watchdog group Public Citizen strongly pushed for U.S. regulators to not approve Arena Pharmaceuticals’ trial diet pill lorcaserin. The group is worried about citizens’ risk of heart valve damage if they choose to use the drug. Last month, an FDA panel of independent experts voted 18 to 4 to recommend approval of the pill, even with watchdog group concerns.

The U.S. FDA is expected to rule on whether to approve the drug today. Lorcaserin would be the first new diet drug in the U.S. market in more than 10 years!

With the regulatory decision very close for Arena’s new weight loss drug, will its largest shareholders increase their positions? 125 institutional firms indicated owning shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) in Q1 2012. These firms reported owning a total of 62.37 million shares on 03/31/2012 . The shares closed at $3.08 on 03/31/2012.

Here are the ten largest positions in Arena Pharmaceuticals, Inc. at the end of March 31st, 2012.

Vanguard Group Inc held 7,777,306 shares on 03/31/2012 worth $23,954,102. This brought the portfolio total to 0.0%.

Wellington Management Co LLP held 6,307,382 shares on 03/31/2012 worth $19,426,736. This brought the portfolio total to 0.01%.

Blackrock Institutional Trust Company N.A. held 4,794,393 shares on 03/31/2012 worth $14,766,730. This brought the portfolio total to 0.0%.

Blackrock Fund Advisors held 4,648,022 shares on 03/31/2012 worth $14,315,907. This brought the portfolio total to 0.01%.

Fmr LLC held 4,154,400 shares on 03/31/2012 worth $12,795,552. This brought the portfolio total to 0.0%.

Perceptive Advisors LLC held 3,550,000 shares on 03/31/2012 worth $10,917,000. This brought the portfolio total to 2.8%.

QVT Financial Lp held 3,307,834 shares on 03/31/2012 worth $10,188,128. This brought the portfolio total to 0.87%.

Perceptive Advisors LLC held 2,800,000 shares on 03/31/2012 worth $8,612,000. This brought the portfolio total to 2.21%.

State Street Corp held 2,702,393 shares on 03/31/2012 worth $8,323,370. This brought the portfolio total to 0.0%.

Northern Trust Corp held 2,112,082 shares on 03/31/2012 worth $6,505,212. This brought the portfolio total to 0.0%.

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