UPDATE: Jefferies Upgrades Arena Pharmaceuticals; Raises PT

According to a research report published this morning, Jefferies has upgraded Arena Pharmaceuticals ARNA from Underperform to Buy, and increased PT from $1 to $9. In the report, Jefferies said, "Based on the positive outcomes in yesterday's panel (18-4 vote), but more so on the positive FDA and panel commentary on the critical CV MACE question, we believe lorcaserin is likely to receive approval on the June 27 decision date. Based on the prospects for combination usage with phentermine, we assume $1.5b in 2020 sales and are raising our price target from $1 to $9." Arena Pharmaceuticals closed yesterday at $3.66.