Needham Remains Neutral on Arena Pharmaceuticals, Inc. Following 1Q:15 Update
Needham’s healthcare analyst Alan Carr weighed in today with an update on Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), after the company reported first-quarter financial results and held a conference call last night to provide a corporate update. The analyst maintained a Hold rating, without providing a price target. Arena shares are currently trading at $4.25, up $0.10 or 2.53%.
Carr noted, “Arena reported $6.6M in 1Q15 Belviq sales revenue from collaborators Eisai and Ildong, compared to our $5.1M estimate. Sales through Ildong were stronger than we expected. Eisai recorded $12.8M in 1Q15 U.S. sales, compared to our $14.0M estimate. Ildong recorded $4.8M in sales in S. Korea, driven largely by initial stocking. As a reminder, Belviq was launched in that territory in Feb 2015.”
“Arena also announced last night that Roivant Sciences in-licensed WW rights to nelotanserin (APD-125). The compound had previously been investigated by Arena as a treatment for insomnia. Roivant will explore utility in neuropsychiatric disorders, including psychosis. We maintain HOLD, awaiting further pipeline development.”, the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Alan Carr has a total average return of 38.7% and a 74.6% success rate. Carr has a average return when recommending ARNA, and is ranked #3 out of 3599 analysts.