UPDATE: Piper Jaffray Raises PT on Arena Pharmaceuticals on Strong Belviq Survey

In a report published on Tuesday, Piper Jaffray analyst Edward A. Tenthoff raised the price target on Arena Pharmaceuticals ARNA from $9 to $12.50 and maintained a rating of Overweight on the company.

In the report, Piper Jaffray stated, "We view this pre-launch familiarity and high intention to prescribe as good general signs for the Belviq launch. We forecast U.S. Belviq sales of $68 million in 2013, although Eisai management has guided for Belviq sales of $150 million during the first 9 months of launch through March 2014."

Arena Pharmaceuticals closed on Monday at $8.81.