Needham & Company Maintains a 'Hold' on Arena Pharma (ARNA); Meaningful Risks to Lorcaserin Approval
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Price: $99.98 --0%
Rating Summary:
10 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
10 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Needham & Company maintains a 'Hold' on Arena Pharma (NASDAQ: ARNA).
Needham analyst says, "Arena completed a series of clinical and preclinical studies designed to address FDA concerns raised in the 2010 lorcaserin Complete Response letter and announced earlier this week than an NDA has been resubmitted. A regulatory decision is possible around mid-2012. Given modest weight loss in Phase 3 trials and the challenges of characterizing tumorigenicity to the satisfaction of the FDA, we believe there are meaningful risks to lorcaserin approval. We are cautious on the stock and maintain our rating."
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 $1.71 yesterday.
Needham analyst says, "Arena completed a series of clinical and preclinical studies designed to address FDA concerns raised in the 2010 lorcaserin Complete Response letter and announced earlier this week than an NDA has been resubmitted. A regulatory decision is possible around mid-2012. Given modest weight loss in Phase 3 trials and the challenges of characterizing tumorigenicity to the satisfaction of the FDA, we believe there are meaningful risks to lorcaserin approval. We are cautious on the stock and maintain our rating."
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 $1.71 yesterday.
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