Arena Pharmaceuticals (NASDAQ:ARNA) shares rose 24% on Monday.The company announced that E.U. regulators have accepted its marketing application for weight loss drug, lorcaserin.In 2010, the FDA rejected the drug because it didn’t think it was effective and was concerned about links to tumors when the drug was studied on rats.Arena Pharmaceuticals is currently above its 50-day moving average (MA) of $1.82 and above its 200-day of $1.57.
