Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) announced that it has completed enrollment in the ralinepag phase 2 trial. Ralinepag is an oral, selective IP receptor agonist targeting the prostacyclin pathway for the treatment of pulmonary arterial hypertension (PAH). The study enrolled approximately 60 patients at sites globally.
“This marks an important step in the development of ralinepag and is evidence of our strategic focus on our pipeline,” said Amit Munshi, Arena’s President and CEO. “We believe ralinepag has the potential to achieve a best-in-class profile for patients suffering from PAH and we look forward to seeing the results mid-year to confirm our hypothesis.”
The trial is a 22-week, randomized, double-blind, placebo-controlled Phase 2 trial evaluating the effectiveness in reducing pulmonary vascular resistance, improving exercise capacity, tolerability and safety of ralinepag. (Original Source)
Shares of Arena Pharmaceuticals closed yesterday at $1.48, up $0.03 or 2.07%. 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 $1.53 and its 200-day moving average is $1.72.
On the ratings front, ARNA stock has been the subject of a number of recent research reports. In a report issued on November 8, JMP analyst Jason Butler reiterated a Hold rating on ARNA. Separately, on the same day, Needham’s Alan Carr 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, Jason Butler and Alan Carr have a yearly average return of 4.9% and 7.0% respectively. Butler has a success rate of 49% and is ranked #1032 out of 4262 analysts, while Carr has a success rate of 45% and is ranked #451.
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. The company was founded by Dominic P. Behan and Jack Lief on April 14, 1997 and is headquartered in San Diego, CA.