BMO Considers Recent Sales Data on Arena's Belviq, Maintains Market Perform Rating
Investors in shares of Arena Pharma (NASDAQ: ARNA) are responding to several news items Monday. The stock last traded at $6.30, down more than 1.5 percent from Friday's closing price.
In addition to an earlier Seeking Alpha article evaluating the company's Belviq sales after three months, traders are also digesting a research note from BMO's Jim Birchenough.
Birchenough said 13-week prescriptions from Belviq showed 0.2 percent week-over-week growth. For the week ended Aug. 30th, the BMO analyst said total scrips were 3,849. Birchenough compared these figures to data on VIVUS's (NASDAQ: VVUS) Qsymia which showed units of 1,457 over the same duration.
Birchenough iterated he would suggest investors wait on the sidelines regarding Arena.
BMO maintains a Market Perform rating and $8 price target on shares of Arena.
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