Needham Assigns a Buy Rating on Arena Pharma (ARNA)


In a report released today, Joseph Stringer from Needham assigned a Buy rating to Arena Pharma (ARNA), with a price target of $80.00. The company’s shares closed last Tuesday at $76.81.

According to TipRanks.com, Stringer is a 3-star analyst with an average return of 12.0% and a 55.6% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, Crispr Therapeutics AG, and ACADIA Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Arena Pharma with a $88.50 average price target, a 9.9% upside from current levels. In a report issued on February 23, JonesTrading also reiterated a Buy rating on the stock with a $101.00 price target.

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Arena Pharma’s market cap is currently $4.63B and has a P/E ratio of -10.80. The company has a Price to Book ratio of 4.47.

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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.

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