Arena Pharmaceuticals (ARNA) - stock sinks in early trading post release of FDA's lukewarm comment on efficacy and safety

Concerns about drug safety again was at the centre of FDA's advisory panel opinion.  On top of that, the agency considers the 3% weight loss over the placebo group, shown in the Arena's late human trial, as being marginally efficacious compared to the FDA's 5% bench mark for weight control drugs.  The release of the meeting notes led to a 37% crash in ARNA during early trading.  Though seemingly hopeless, it may be time to load up on ARNA's close competitor, Orexigen Therapeutics(OREX), next one up in front experts from the FDA with its weight management drug, Contrave.  Alternatively, it may be a great time to pick up some beaten down ARNA shares in midst of overreaction later in the day depending on the extent of pessimism.