Jefferies Sees a 3-6 Month Delay for Arena's (ARNA) Lorcaserin But Reiterates Buy Rating

Article Stock Quotes (1) Comments (0)

Jefferies reiterated its Buy rating and $9 price target on Arena Pharma (NASDAQ: ARNA) although it expects a delay for lorcaserin approval.

The firm comments, "Following Friday's conference call, we now expect a slight delay of 3-6 months to lorcaserin approval to finalize a REMS program and/or post-marketing commitments. We are adjusting our model for an early 2013 launch, as well as a likely tax benefit from manufacturing lorcaserin in Switzerland. We remain bullish on likely FDA approval and eventual blockbuster combination sales."

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 $6.36 yesterday, with a 52 week range of $1.23-$7.02.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
• Topeka Capital Upgrades Pacific Sunwear of California (PSUN) to Buy
• Deutsche Bank Upgrades Seagate (STX) to Buy; Sanmina (SANM) Cut to Sell, Flextronics (FLEX) & Fabrinet (FN) Cut to Hold

Create E-mail Alert Related Categories

Analyst Comments

Related Entities

Jefferies & Co

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?