Piper Jaffray Cuts Arena Pharma (ARNA) to Neutral, Price Target Slashed to $1.50

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An analyst at Piper Jaffray has downgraded shares of Arena Pharma (Nasdaq: ARNA) this morning following yesterday's news that an FDA panel has failed to recommend approval of its lorcaserin and the subsequent resumption of trading last night.

The stock is indicated to open today's session down more than 45% at around $2.

Piper's rating on Arena moves from Overweight to Neutral. The firm also slashed its price target on the stock all the way from $10 to $1.50.

As analysts will likely be all over Arena shares today, stay tuned to our Analyst Ratings page to track all the market-moving calls.

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