UPDATE: Credit Suisse Initiates Arena Pharmaceuticals at Underperform on Belviq Expectations
Credit Suisse initiated its Arena Pharmaceuticals (NASDAQ: ARNA) 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.
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