Needham & Company on Arena Pharma (ARNA); Obese Population Large, But Poor Track Record of Drugs in the Space

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June 28, 2012 7:58 AM EDT
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: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Hold' on Arena Pharma (NASDAQ: ARNA).

Analyst, Alan Carr, said, "Arena and the FDA announced approval of Belviq (lorcaserin) for weight management in overweight and obese patients yesterday. The DEA must clear the drug prior to commercial launch, a process expected to take 4-6 months. We project launch around YE12. While approval of Belviq represents a major accomplishment for Arena, we believe modest efficacy in Phase 3 trials may limit commercial potential. In our opinion, current ~$2.1B EV is appropriate and we 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 $11.39 yesterday.

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