Jefferies Keeps Lowest Rating on Arena Pharma (ARNA) After Q4 Call and Into May Lorcaserin Panel

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Jefferies commented on Arena Pharma (NASDAQ: ARNA) following the Q4 call, saying they remain cautious going into the May lorcaserin panel.

"On its 4Q11 call, ARNA provided 2012 guidance, which assumed a July launch of lorcaserin," the analyst noted. "We are less certain that a 2012 lorcaserin launch is achievable and remain concerned about potential hurdles that may emerge on CV safety testing for obesity drugs and at the May lorcaserin panel."

Jefferies maintained their Underperform rating and $1 price target.

For an analyst ratings summary and ratings history on Arena Pharma click here. For more ratings news on Arena Pharma click here.

Shares of Arena Pharma closed at $1.79 yesterday, with a 52 week range of $1.21-$2.62.

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