Needham Believes Arena Pharma (ARNA) Still Has Room to Grow

Needham analyst Alan Carr assigned a Buy rating to Arena Pharma (ARNA) today and set a price target of $70.00. The company’s shares closed last Wednesday at $64.43, close to its 52-week high of $69.75.

According to, Carr is a 3-star analyst with an average return of 0.8% and a 41.2% success rate. Carr covers the Healthcare sector, focusing on stocks such as Lexicon Pharmaceuticals, Phathom Pharmaceuticals, and ACADIA Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Arena Pharma with a $81.44 average price target, implying a 26.7% upside from current levels. 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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Based on Arena Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $262K and GAAP net loss of $100 million. In comparison, last year the company earned revenue of $801 million and had a net profit of $620 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. 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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