Oppenheimer Raises EPS Estimate From $0.58 To $0.69 On ARNA

In a recent report, Oppenheimer has raised the EPS estimate on Arena Pharmaceuticals ARNA from $0.58 to $0.69 and continues to see obstacles for the Lorcasserin approval. In the report, Oppenheimer said, "ARNA plans to conduct 3 mo. preclinical trials to resolve this key issue, notably, however, the FDA suggested 12 mo. trials may be necessary. Given significant uncertainty surrounding lorcaserin's path to approval, and few catalysts, we see limited near-term upside for ARNA." Arena Pharmaceuticals closed yesterday at $1.35.