Arena Pharma (ARNA) Belviq Numbers Lowered at Needham & Company
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
Needham & Company analyst Alan Carr reiterated Hold rating and lowered estimates on Arena Pharma (NASDAQ: ARNA) ahead of Q1 earnings and spring review.
Carr comments, "Initiation of a direct to consumer (DTC) print campaign and expansion of the Eisai sales force appear to have had an impact on Belviq prescriptions in recent months. We believe a DTC television campaign planned for late April by Eisai may have an even greater effect. Broadly, however, we remain concerned by modest single-agent efficacy of Belviq and the risk of low patient retention."
The firm's new 1Q14 and 2014 U.S. Belviq sales estimates are $11.0M (was $11.5M) and $81.5M (was $91.5M). They project $3.5M (was $3.6M) in 1Q14 Belviq revenues to Arena. The firm also said its prescription refill assumptions have been too aggressive, however, and they are therefore lowering long-term Belviq sales estimates. Their 2015 estimate is $196.0M (was $259M).
Shares of Arena Pharma closed at $6.18 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- FBR Capital Reiterates Outperform on Verizon Communications (VZ) Following Solid 3Q
- Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!