Implied volatility is highly elevated and I believe there has been a bullish skew to the options trading (high call/put ratios have been the norm, while some large blocks of puts have been associated with shares).
I entered a long ARNA position for $4.41/sh position on weakness during trading Tuesday (9/1), and simultaneously wrote $6Oct covered calls for a credit of $0.93. Thus it was a net charge of $3.48/sh with an upside to $6.00.
Update (Sept 18th): ARNA announced trial results for lorcaserin this morning, which were a disappointment. I closed my position, buying back the calls for 15 cents (an 84% gain), and selling the underlying stock for $4.55 (a 3.2% gain).

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