UPDATE: Credit Suisse Lowers PT on Arena Pharmaceuticals Following Management Meeting
In a report published Monday, Credit Suisse analyst Lee Kalowski reiterated an Underperform rating on Arena Pharmaceuticals (NASDAQ: ARNA), but lowered the price target from $5.00 to $4.00.
In the report, Credit Suisse noted, “As Q3 closes and following a Friday meeting with management, we are lowering our Belviq US net sales estimate for Q3, Q4, and each year through 2018 (2019-2020 are unchanged). We expect consensus will be coming down in the weeks ahead. We think a capital raise may potentially be required next year and have built this into our model. With these changes, our DCF-derived target price goes from $5 to $4.”
Arena Pharmaceuticals closed on Friday at $5.79.
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