In a report issued on November 15, Kennen MacKay from RBC Capital reiterated a Buy rating on Arena Pharma (ARNA), with a price target of $70. The company’s shares closed yesterday at $40.86.
According to TipRanks.com, MacKay is a 5-star analyst with an average return of 15.4% and a 56.5% success rate. MacKay covers the Healthcare sector, focusing on stocks such as Alexion Pharmaceuticals, Puma Biotechnology, and Clovis Oncology.
Currently, the analyst consensus on Arena Pharma is a Moderate Buy with an average price target of $62.50, a 53.0% upside from current levels. In a report issued on November 7, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $65 price target.
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Based on Arena Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $34.31 million. In comparison, last year the company had a GAAP net loss of $32.35 million.
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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.
