Summer Street Upgrades Arena Pharma (ARNA) to Neutral; Some Clarity From This Week’s FDA Meeting

December 23, 2010 10:26 AM EST
Get Alerts ARNA Hot Sheet
Price: $1.37 +0.74%

Rating Summary:
    5 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Summer Street upgraded Arena Pharma (NASDAQ: ARNA) from Sell to Neutral.

Summer St. analyst says, "We have the US lorcaserin launch in 2013 and profitability in 2015, which is in line with company guidance. However, we point out that the requests from the FDA are not a slam dunk and we expect the company will need to raise additional cash prior to an approval if all goes well. In the meantime, we expect the shares to remain in a narrow trading range."

For more ratings news on Arena Pharma click here and for the rating history of Arena Pharma click here.

Shares of Arena Pharma closed at $1.80 yesterday.

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