UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Arena Pharmaceuticals

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Arena Pharmaceuticals

, but lowered its price target from $20.00 to $14.00. Jefferies noted, “ARNA reiterated its plans for Belviq (1Q13 U.S. launch) and outlined a new South Korean partnership with Ildong. We remain confident in the long-term potential for Belviq based on combination use with phentermine, but we are lowering our PT from $20 to $14, as we moderate our launch expectations for Belviq monotherapy following disappointing sales for competitor Qsymia.” Arena Pharmaceuticals closed on Tuesday at $7.60.