The Fly on the Wall put out this alert at 5:56 this morning (ET):
"Arena Pharmaceuticals price target raised to $12.50 from $9 at Piper Jaffray
Piper Jaffray raised its price target for Arena Pharmaceuticals citing confidence in the Belviq launch after conducting a survey of 41 primary care physicians and endocrinologists. Piper reiterates an Overweight rating on the stock."
Nice to see that VVUS got a pop up on our upgrade, to bad we can't get a pop up on that news. Kind of funny when you think about it in a sick bizzarro world way.
This upgrade is just the first upgrade to admit they were wrong and the launch is going to go better then expected. IF the next 60 days shows the launch is going even better they will up the price target again in line with the success of the launch.
You have to have clients for your research to matter ... If you are looking at the sell side, I suggest you look here and hope their opinion agrees with yours:
JP Morgan Chase
Bank of America
Piper Jaffray and Jefferries are barely in the top 20.
Not saying any upgrade is bad, but if you want it to make a difference there has to be an audience for the research. No clients = carnival barker in Po Dunk, TX.
I've been hearing you and every other pumper blather about a squeeze for the past year and so far the shorts have been winning. Hopefully one of these days on of you pumpers will be right. The only way we'll get a true squeeze is if sales are off the charts so until then stop acting like its a for sure thing.