Barclays Maintains an 'Underweight' on Arena Pharma (ARNA); Reports 4Q, Uncertainty Persists

March 14, 2011 1:22 PM EDT
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Barclays maintains an 'Underweight' on Arena Pharma (NASDAQ: ARNA), PT $1.

Barclays analyst says, "We are maintaining our 3-Underweight rating on shares of ARNA following release of 4Q10 operating results and on guidance for 2011. With primary focus on steps towards CRL response and refiling of the lorcaserin NDA, uncertainty has increased with pilot studies still ongoing to guide initial 3-month pre-clinical prolactin mechanistic studies and with the FDA now suggesting consideration of a 12-month rat carcinogenicity study. Visibility on re-adjudication of mammary cancers in rats and on protocols to address pre-clinical astrocytoma risk remains poor and new questions on valve safety persist following BLOOM-DM data. We continue to expect extended timelines for NDA resubmission and believe that likelihood of lorcaserin approval is low." (Barclays raises FY11 EPS estimates from -0.82 to -0.68)

For more ratings news on Arena Pharma click here and for the rating history of Arena Pharma click here.

Shares of Arena Pharma closed at $1.51 yesterday.

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