In a report released yesterday, Alethia Young from Cantor Fitzgerald reiterated a Buy rating on Arena Pharma (ARNA), with a price target of $62. The company’s shares closed yesterday at $50.37, close to its 52-week high of $51.44.
Young observed:
“: We are reiterating our Overweight rating and $62 price target. Arena today (2/26) reported 4Q18 earnings, with all programs remaining on track, including pivotal Ph3 initiations in 2019 for etrasimod in ulcerative colitis (UC) and Crohn’s. We are adjusting our estimates to reflect increasing investment in R&D as the pipeline advances. Over the next 12-18 months, we see opportunities like olorinab and etrasimod expansion as underappreciated at current levels. With many Ph2 and 3 trials reading out in 2020, we expect investors to take note, and we see little downside risk in the interim.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 5.5% and a 48.8% success rate. Young covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Vertex Pharmaceuticals, and Sarepta Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arena Pharma with a $62 average price target.
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The company has a one-year high of $51.44 and a one-year low of $30. Currently, Arena Pharma has an average volume of 494K.
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Arena Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases.
