UPDATE: JP Morgan Cuts PT to $7 on Arena Pharmaceuticals on Belviq Launch Concerns
JP Morgan maintained Arena Pharmaceuticals (NASDAQ: ARNA) with a Neutral rating and lowered the price target from $8.00 to $7.00.
JP Morgan commented, "We continue to see few signs that the early launch of Belviq will avoid the problems VVUS is currently experiencing with its weight loss drug, Qsymia (including slow uptake and a meaningful number of pts not filling their prescription due to a relatively high out-of-pocket cost). In fact, Belviq could well experience a more lackluster launch vs. Qsymia given the drug's higher price and more modest level of efficacy. Maintain Neutral."
Arena Pharmaceuticals closed at $8.34 on Monday.
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