Market Overview

UPDATE: Bank of America Raises PO to $7 on Arena Pharmaceuticals on Lorcaserin Aproval

Share:
Related ARNA
Investing In Marijuana: Cannabis Industry Raises Hit $1.8 Billion, Up 150% Year Over Year
Jim Cramer Gives His Opinion On Allergan, USG And Arena Pharmaceuticals
Arena Pharma Races Toward Q1 2018 Trial Results (Seeking Alpha)

Bank of America reiterates its Underperform rating on Arena Pharmaceuticals (NASDAQ: ARNA) but raises its price target from $5 to $7.

Bank of America comments, "Following FDA approval of ARNA's obesity drug lorcaserin (trade name Belviq), we raised our NPV to $7/sh (from $5). Our caution on the stock has been due to a combination of delay expectations and a modest market opportunity. This latter concern is unchanged based on the drug's marginal efficacy (3-4% PBO-adjusted weight loss) and various safety concerns. With an EV of $2.3bn versus $2.5bn for VVUS, we view ARNA's current valuation as rich and remain Underperform."

ARNA closed at $11.39 on Wednesday.

Latest Ratings for ARNA

DateFirmActionFromTo
Jul 2017CitigroupMaintainsBuy
Jun 2017CitigroupInitiates Coverage OnBuy
Jun 2017Cantor FitzgeraldInitiates Coverage OnOverweight

View More Analyst Ratings for ARNA
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (ARNA)

View Comments and Join the Discussion!

Partner Center