Equities researchers at JPMorgan Chase cut their target price on shares of Arena Pharmaceuticals (NASDAQ: ARNA) to $7.00 in a report issued on Tuesday.
The analysts wrote, “We continue to see few signs that the early launch of Belviq will avoid the problems VVUS is currently experiencing with its weight loss drug, Qsymia (including slow uptake and a meaningful number of pts not filling their prescription due to a relatively high out-of-pocket cost). In fact, Belviq could well experience a more lackluster launch vs. Qsymia given the drug’s higher price and more modest level of efficacy. Maintain Neutral.”
Arena Pharmaceuticals traded up 3.54% on Tuesday, hitting $8.48. Arena Pharmaceuticals has a 52-week low of $1.70 and a 52-week high of $13.50. The stock’s 50-day moving average is currently $8.72. The company’s market cap is $1.844 billion.
Arena Pharmaceuticals last issued its quarterly earnings data on Monday, March 4th. The company reported ($0.10) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.03) by $0.07. The company had revenue of $1.94 million for the quarter, compared to the consensus estimate of $21.94 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was down 9.5% on a year-over-year basis. Analysts expect that Arena Pharmaceuticals will post $-0.01 EPS for the current fiscal year.
A number of other firms have also recently commented on ARNA. Analysts at Leerink Swann initiated coverage on shares of Arena Pharmaceuticals in a research note to investors on Wednesday, February 6th. They set an “outperform” rating and a $12.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at TheStreet reiterated a “sell” rating on shares of Arena Pharmaceuticals in a research note to investors on Monday, January 28th. Finally, analysts at TheStreet reiterated a “sell” rating on shares of Arena Pharmaceuticals in a research note to investors on Thursday, December 27th.
Three equities research analysts have rated the stock with a buy rating, five have assigned a hold rating, and one has assigned a sell rating to the company’s stock. The company has a consensus rating of “hold” and a consensus target price of $9.60.
Arena Pharmaceuticals, Inc. (Arena) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors (GPCRs), in four therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.
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