Piper Jaffray Maintains Overweight on Arena Pharmaceuticals on Share Rally
Piper Jaffray has published a research report on Arena Pharmaceuticals (NASDAQ: ARNA) commenting on the stock's 27% rise this week to date.
In the report, Piper Jaffray writes, "Shares of ARNA have risen 27% this week ahead of the company's June 27th PDUFA date for obesity drug Lorcaserin. We believe a lot of the volume has been driven by retail investors. Arena is one of the most heavily shorted stocks in our coverage universe with a ~22% short interest, so we could be seeing a squeeze. We maintain our Overweight rating pending the outcome of the June 27th PDUFA date, which will likely impact our current $7 price target."
Piper Jaffray maintains its Overweight rating and $7 price target on Arena Pharmaceuticals, which is currently trading down ~3.30% from yesterday's $7.88 closing price.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.