BMO Capital Downgrades Arena Pharma (ARNA) to Market Perform Ahead of PDUFA

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BMO Capital downgraded momentum stock Arena Pharma (NASDAQ: ARNA) from Outperform to Market Perform while maintaining their $10 price target.

Shares of ARNA have surged into the 6/27 PDUFA date for obesity drug Lorcaserin, which an FDA panel backed 18 to 4 in May.

The firm said Lorcaserin approval is now priced in, while monitoring requirements will be key.

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 $9.88 yesterday, with a 52 week range of $1.23-$11.99.

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