Bank of America Looks Ahead on Arena Pharmaceuticals

Bank of America has published a report on Arena Pharmaceuticals ARNA maintaining the current assessment under current market conditions. In the report, Bank of America wrote, "Arena provided favorable results from the re-adjudication of female rat mammary tumors from the 2-yr carcinogenicity trial it had submitted to FDA as part of its NDA for lorcaserin. In its CRL, FDA stated it was unable to determine which of the observed mammary tumors in the study were benign vs. malignant, leading to a conclusion of no safety margin." Bank of America rated Arena Pharmaceuticals an Underperform with a price target of $1.00. Arena Pharmaceuticals closed Tuesday at $1.45.