UPDATE: Jefferies Raises PT to $20 on Arena Pharmaceuticals on Belviq FDA Aproval

Jefferies reiterates its Buy rating on Arena Pharmaceuticals ARNA and raises its price target from $9 to $20. Jefferies says, "Belviq has been approved by the FDA. We believe the Belviq label is a major positive for ARNA, as it lacks a restrictive REMS or cardiovascular monitoring requirements. We remain buyers of ARNA and are raising our price target from $9 to $20." ARNA closed at $11.39 on Wednesday.