Jefferies Boosts Arena (ARNA) Target to $20

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Jefferies lifted its price target on Arena Pharma (NASDAQ: ARNA) from $9 to $20 following FDA approval for Belviq.

"We believe the Belviq label is a major positive for ARNA, as it lacks a restrictive REMS or cardiovascular monitoring requirements. We remain buyers of ARNA and are raising our price target from $9 to $20."

The firm lifted FY12 EPS from $0.09 to $0.11 and FY13 EPS down from $0.10 to ($0.10).

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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