Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) and Eisai Inc. announced that Eisai Laboratórios Ltda., a subsidiary of Eisai Inc., has received regulatory approval from the Brazilian Health Surveillance Agency (ANVISA) for BELVIQ (lorcaserin HCl) for chronic weight management.

BELVIQ is approved in Brazil as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with a body mass index (BMI) of 30 kg/m2 or greater (obese), or overweight patients with a BMI greater than or equal to 27 kg/m2 in the presence of at least one weight-related comorbid condition such as high blood pressure, high cholesterol, cardiovascular disease, type 2 diabetes managed with oral hypoglycemic agents or sleep apnea. The product is expected to become available following review by Brazil’s Medicines Market Regulation Board (CMED), which will trigger a $1 million milestone payment to Arena.

“Currently, more than half of the Brazilian population is overweight or obese and, without intervention, these numbers are projected to increase,” said Shaji Procida, President and Chief Operating Officer, Eisai Inc. “This approval represents a new option for Brazilians who find it difficult to lose weight through diet and exercise alone. At Eisai, we remain committed to help address the needs of this patient population.”

In addition to Brazil, BELVIQ is approved for weight management in the United States and South Korea. Lorcaserin is also approved in Mexico under the brand name VENESPRI (lorcaserin HCl). (Original Source)

Shares of Arena Pharmaceuticals are currently trading at $1.47, up $0.01 or +0.68%. ARNA has a 1-year high of $2.16 and a 1-year low of $1.30. The stock’s 50-day moving average is $1.50 and its 200-day moving average is $1.66.

On the ratings front, Arena Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on November 8, Needham analyst Alan Carr reiterated a Hold rating on ARNA. Separately, on the same day, JMP’s Jason Butler reiterated a Hold rating on the stock.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alan Carr and Jason Butler have a yearly average return of 7.1% and 3.1% respectively. Carr has a success rate of 45% and is ranked #456 out of 4283 analysts, while Butler has a success rate of 48% and is ranked #1401.

Arena Pharmaceuticals, Inc. is a biopharmaceutical company engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers a range of drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases.