Arena Pharmaceuticals (ARNA) Investors Show No Fear Into PDUFA
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Investors in Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) are showing no fear into the June 27, 2012 PDUFA date for obesity drug Lorcaserin. Shares hit new 52-week high of $7.23 earlier in the session, before backing down a bit.
On May 10, 2012, an FDA panel voted 18 to 4 that the benefits of lorcaserin outweigh the potential risks. However, even with the panel backing and expected approval, some believe a PDUFA date extension is possible.
Analysts at Jefferies see a delay of 3-6 months, although they said it will have no material impact on valuation and they expect approval and a lorcaserin launch in early 2013.
While a PDUFA delay is an obvious concerns, the action in the stock suggests no PDUFA delay and full steam ahead. Maybe someone knows something.
Shares of ARNA last traded at $7.14, up 7.8 percent.
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On May 10, 2012, an FDA panel voted 18 to 4 that the benefits of lorcaserin outweigh the potential risks. However, even with the panel backing and expected approval, some believe a PDUFA date extension is possible.
Analysts at Jefferies see a delay of 3-6 months, although they said it will have no material impact on valuation and they expect approval and a lorcaserin launch in early 2013.
While a PDUFA delay is an obvious concerns, the action in the stock suggests no PDUFA delay and full steam ahead. Maybe someone knows something.
Shares of ARNA last traded at $7.14, up 7.8 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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