Arena Pharma (ARNA) Received its Third Buy in a Row
After Merrill Lynch and Citigroup gave Arena Pharma (NASDAQ: ARNA) a Buy rating last month, the company received another Buy, this time from RBC Capital. Analyst Kennen MacKay maintained a Buy rating on Arena Pharma today and set a price target of $80.00. The company’s shares closed last Thursday at $65.40, close to its 52-week high of $69.75.
According to TipRanks.com, MacKay is a 5-star analyst with an average return of 12.0% and a 54.0% success rate. MacKay covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical, Aimmune Therapeutics, and Abeona Therapeutics.
Arena Pharma has an analyst consensus of Strong Buy, with a price target consensus of $81.70, representing a 27.3% upside. In a report issued on July 22, Merrill Lynch also maintained a Buy rating on the stock with a $75.00 price target.
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The company has a one-year high of $69.75 and a one-year low of $32.95. Currently, Arena Pharma has an average volume of 752K.
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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. The company was founded by Dominic P. Behan and Jack Lief on April 14, 1997 and is headquartered in San Diego, CA.