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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsEdward A. TenthoffPiper Jaffray
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!