Analyst Ratings for Arena Pharma (ARNA)

Overall Rating: NEUTRAL Rating Trend:

Avg. $ Target: $10.92 (+43.5%)

Date	Firm	Type	Rating (Past)	PT (Past)	Start $	End $	% Chg.	Details
2/6/2013	Leerink Swann	New Coverage	Outperform (N/A)	11.50 (N/A)	8.63	7.61	-11.82%	Details
9/6/2012	Credit Suisse	New Coverage	Underperform (N/A)	6.00 (N/A)	9.16	7.61	-16.92%	Details
6/25/2012	BMO Capital » Updated 6/27/2012	Downgrade	Market Perform (Outperform)	12.00 (10.00)	9.88	7.61	-22.98%	Details
5/11/2012	Piper Jaffray » Updated 6/27/2012	Upgrade	Overweight (N/A)	11.00 (7.00)	7.01	7.61	8.56%	Details
5/11/2012	Jefferies » Updated 11/7/2012	Upgrade	Buy (N/A)	14.00 (20.00)	7.01	7.61	8.56%	Details
12/23/2010	Summer Street	Upgrade	Neutral (N/A)	N/A (N/A)	1.80	7.61	322.78%	Details
9/20/2010	CRT Capital	Downgrade	Fairly Valued (N/A)	N/A (N/A)	1.99	7.61	282.41%	Details
9/20/2010	WBB Securities	Downgrade	Hold (N/A)	N/A (N/A)	1.99	7.61	282.41%	Details
9/17/2010	Davenport	Downgrade	Neutral (N/A)	N/A (N/A)	2.03	7.61	274.88%	Details
9/15/2010	Cowen	Downgrade	Neutral (N/A)	N/A (N/A)	4.13	7.61	84.26%	Details
9/14/2010	Barclays » Updated 3/14/2011	Downgrade	Underweight (N/A)	N/A (N/A)	6.79	7.61	12.08%	Details
9/14/2010	Oppenheimer	Downgrade	Perform (N/A)	N/A (N/A)	4.19	7.61	81.62%	Details
9/9/2010	Hapoalim Securities	Downgrade	Sell (N/A)	N/A (N/A)	7.43	7.61	2.42%	Details
9/8/2010	BofA/Merrill Lynch	New Coverage	Underperform (N/A)	N/A (N/A)	7.34	7.61	3.68%	Details
8/2/2010	JPMorgan » Updated 6/28/2012	Downgrade	Neutral (N/A)	11.00 (8.00)	7.95	7.61	-4.28%	Details

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