There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on Arena Pharma (ARNA) and Amicus (FOLD) with bullish sentiments.
Arena Pharma (ARNA)
Cantor Fitzgerald analyst Alethia Young reiterated a Buy rating on Arena Pharma yesterday and set a price target of $62. The company’s shares closed yesterday at $49.52, close to its 52-week high of $51.63.
Young observed:
“: We reiterate our Overweight and $62 PT. Arena today reported 1Q financials and provided an update on its clinical programs, including details on the etrasimod Ph3 trial design in ulcerative colitis (UC) that is still expected to initiate mid-year. We think the planned Ph3 UC program is strategically designed to expedite enrollment and support a differentiated commercial profile for etrasimod. We continue to believe IBD represents a large and growing market, and etrasimod is well-positioned in UC with potential to expand into other I&I indications due to its safety profile.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 6.6% and a 45.8% success rate. Young covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical Inc., Spectrum Pharmaceuticals, and Vertex Pharmaceuticals.
Currently, the analyst consensus on Arena Pharma is a Strong Buy with an average price target of $66.33.
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Amicus (FOLD)
In a report released yesterday, Ritu Baral from Cowen & Co. maintained a Buy rating on Amicus, with a price target of $31. The company’s shares closed yesterday at $13.11.
According to TipRanks.com, Baral is a top 100 analyst with an average return of 27.3% and a 52.3% success rate. Baral covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, ACADIA Pharmaceuticals Inc, and Allena Pharmaceuticals Inc.
Amicus has an analyst consensus of Strong Buy, with a price target consensus of $22.75, representing a 73.5% upside. In a report issued on April 30, Cantor Fitzgerald also maintained a Buy rating on the stock with a $20 price target.
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