UPDATE: Piper Jaffray Upgrades Arena Pharma to Overweight and Raises PT to $3

A report from Piper Jaffray upgrades its rating from Neutral to Overweight and raises its price target from $1.50 to $3 on Arena Pharmaceuticals (NASDAQ: ARNA).

The report states, “We are upgrading Arena to Overweight from Neutral ahead of the lorcaserin New Drug Application (NDA) re-submission around year-end. While regulatory risk remains, Arena has made substantial progress addressing the FDA's requests in the Complete Response Letter (CRL). We believe the final requirements necessary for re-filing are female rat mammary tumor data and in vitro receptor activity work.”

ARNA closed Friday at $1.27.