UPDATE: Credit Suisse Reiterates Underperform Rating, Lowers PT on Arena Pharmaceuticals Following Management Meeting

In a report published Monday, Credit Suisse analyst Lee Kalowski reiterated an Underperform rating on

, 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.