Company

Bank

Analyst

Coverage

Opinion

Wk chg

6/29 cls

Arena Pharmaceuticals Inc. (NASDAQ:ARNA)

BMO Capital Markets

Jim Birchenough

Price target

Market perform

1%

$9.98

Jefferies

Thomas Wei

Price target

Buy

Piper Jaffray

Edward Tenthoff

Price target

Overweight

Birchenough raised his target to $12 from $10 after FDA approved Belviq lorcaserin for chronic weight management with "better-than-expected labeling." The Belviq label does not include a REMS or routine monitoring requirement for potential heart value effects, which will instead be assessed in a long-term CV outcomes study (see B10). He also raised his global peak sales estimate to $1.7B from $1.6B. Before the June 27 PDUFA date, Birchenough downgraded to market perform from outperform, noting he believed the stock was fully valued the day of approval. The serotonin (5-HT2C) receptor agonist is partnered with Eisai Co. Ltd. (Tokyo:4523; Osaka:4523).