BMO Capital Upgrades Arena Pharma (ARNA) to Outperform, Raises Target 600%

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Get Alerts ARNA Hot Sheet

Price: $99.98 --0%

Rating Summary:
10 Buy, 13 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26

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BMO Capital upgraded Arena Pharma (NASDAQ: ARNA) from Market Perform to Outperform and raised their price target from $1 to $7.

The upgrades follows yesterday's FDA briefing documents related to weight loss drug Locaserin. The documents come ahead of the May 10 FDA AdCom.

In October 2011, Arena and partner Eisai Inc. received a Complete Response Letter (CRL) from the FDA on Locaserin. In December 2011, the comapny resubmitted the lorcaserin NDA and the he FDA accepted the resubmission for and assigned a PDUFA date of June 27th.

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 $3.42 yesterday.

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