This report regarding obesity drug approval by the FDA just came in this morning:
7:51 (Dow Jones) Arena Pharmaceuticals (ARNA) doubles after an FDA advisory committee recommends agency approve its lorcaserine weight loss drug. Jefferies reverses its call on the company's shares to buy from underperform. Firm says the major turn from the panel was its endorsement of ARNA's data on major adverse CV events. Jefferies pushes its price target to $9 from $1, putting the probability of the drug's approval in June to 95%. Oppenheimer remains more cautious sticking with a perform rating and saying it continues "to see some risks with FDA approval of lorcaserin without additional clinical data." ARNA jumps 100% premarket to $7.31. (patrick.sullivan@dowjones.com
Call us at (212) 416-3100 or email patrick.sullivan@dowjones.com
7:51 (Dow Jones) Arena Pharmaceuticals (ARNA) doubles after an FDA advisory committee recommends agency approve its lorcaserine weight loss drug. Jefferies reverses its call on the company's shares to buy from underperform. Firm says the major turn from the panel was its endorsement of ARNA's data on major adverse CV events. Jefferies pushes its price target to $9 from $1, putting the probability of the drug's approval in June to 95%. Oppenheimer remains more cautious sticking with a perform rating and saying it continues "to see some risks with FDA approval of lorcaserin without additional clinical data." ARNA jumps 100% premarket to $7.31. (patrick.sullivan@dowjones.com
Call us at (212) 416-3100 or email patrick.sullivan@dowjones.com
(END) Dow Jones Newswires 05-11-12 0752ET Copyright (c) 2012 Dow Jones & Company, Inc.
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