Jefferies, BMO Issue Afternoon Downgrades on Arena Pharma (ARNA)

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Following today's 39% decline amid FDA briefing documents on its lorcaserin diet pill, shares of Arena Pharma (Nasdaq: ARNA) are getting hit with some late-day downgrades.

• Jefferies - downgraded from Hold to Underperform, price target cut from $5 to $2
  
• BMO Capital - downgraded from Speculative Outperform to Market Perform, price target reduced from $10 to $5

Earlier on the Street, analysts at both Barclays and Oppenheimer also downgraded the stock while Piper Jaffray and Wedbush defended the stock.

Shares of Arena Pharma are about to close today's session at $4.12.

Visit our Analyst Ratings page to track all the downgrades/comments on ARNA shares following the lorcaserin news.

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Analyst Comments, Downgrades

Related Entities

Piper Jaffray, Jefferies & Co, BMO Capital, Barclays

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