UPDATE: Credit Suisse Initiates Arena Pharmaceuticals at Underperform on Belviq Expectations

Credit Suisse initiated its Arena Pharmaceuticals

at Underperform with a $6 price target. Credit Suisse noted, "We are initiating with an Underperform rating and a $6 target price. ARNA commendably ushered Belviq through FDA; we believe that sales (ARNA has a ~35% royalty) will fall short of the market's lofty expectations." Arena Pharmaceuticals closed at $9.16 on Wednesday.