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

May 14, 2012 8:31 AM EDT
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Price: $1.40 +2.19%

Rating Summary:
    5 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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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.

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