Arena (ARNA) is up 27 cents to $2.78 and the October 2.5 put – 4 call strangle is seeing interest. Today’s 5200 includes a purchase for $1.80 and tied to 170K ARNA shares at $3 even. In other words, the strategist bought the shares, bought 2.5 puts and bought bought 4 calls, which is a position that will generate better profits if ARNA moves substantially higher, not lower.