Cantor Fitzgerald analyst William Tanner reiterated a Buy rating on Arena Pharma (NASDAQ: ARNA) today and set a price target of $65. The company’s shares closed yesterday at $42.02, close to its 52-week high of $45.85.
Tanner commented:
“Olorinab, a new name to remember. Release of data from a Phase 2 trial of olorinab (aka APD371) is expected in 3Q18. We previewed our thoughts in a report (here). ARNA noted that they would see where the data “takes” the compound, whether a GI pain therapeutic or a medicine that could have broader anti-inflammatory potential. Based on feedback from our report, we suspect investors have paid little attention to the asset, understandable, in our view, given the clear successes with clinical development of ralinepag and etrasimod.”
According to TipRanks.com, Tanner is a 4-star analyst with an average return of 7.6% and a 50.6% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Supernus Pharmaceuticals, and Intra-Cellular Therapies.
Arena Pharma has an analyst consensus of Strong Buy, with a price target consensus of $59.67.
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The company has a one-year high of $45.85 and a one-year low of $11.30. Currently, Arena Pharma has an average volume of 1.39M.
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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.
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