Needham & Company on Arena Pharma (ARNA); Obese Population Large, But Poor Track Record of Drugs in the Space
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Price: $7.96 --0%
Rating Summary:
3 Buy, 8 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Rating Summary:
3 Buy, 8 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Trade ARNA Now!
Needham & Company maintains a 'Hold' on Arena Pharma (NASDAQ: ARNA).
Analyst, Alan Carr, said, "Arena and the FDA announced approval of Belviq (lorcaserin) for weight management in overweight and obese patients yesterday. The DEA must clear the drug prior to commercial launch, a process expected to take 4-6 months. We project launch around YE12. While approval of Belviq represents a major accomplishment for Arena, we believe modest efficacy in Phase 3 trials may limit commercial potential. In our opinion, current ~$2.1B EV is appropriate and we maintain our rating."
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 $11.39 yesterday, with a 52 week range of $1.23-$13.50.
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Analyst, Alan Carr, said, "Arena and the FDA announced approval of Belviq (lorcaserin) for weight management in overweight and obese patients yesterday. The DEA must clear the drug prior to commercial launch, a process expected to take 4-6 months. We project launch around YE12. While approval of Belviq represents a major accomplishment for Arena, we believe modest efficacy in Phase 3 trials may limit commercial potential. In our opinion, current ~$2.1B EV is appropriate and we maintain our rating."
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 $11.39 yesterday, with a 52 week range of $1.23-$13.50.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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