FBR Capital Starts Arena Pharma (ARNA) at Outperform, $6 PT
- Major stock indexes rise again to new records
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
- Insys Therapeutics (INSY) Sinks as Former Employees Arrested in Racketeering Scheme
- Lower for longer, ECB scales back asset buys
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
FBR Capital initiates coverage on Arena Pharma (NASDAQ: ARNA) with a Outperform rating and a price target of $6.00.
Analyst Christopher James commented, "We are initiating coverage of Arena Pharmaceuticals, Inc. (ARNA) with an Outperform rating and a 12-month price target of $6 per share. Historically, ARNA focused on obesity with its one approved drug, Belviq (lorcaserin). However, given the company’s expertise in discovery and drug development targeting G proteincoupled receptors (GPCRs), it is now primarily focused on advancing the pipeline with (1) etrasimod (APD334), a S1P receptor modulator for the potential treatment of ulcerative colitis (UC); (2) ralinepag, a prostacyclin receptor (PGI2) agonist for the potential treatment of pulmonary arterial hypertension (PAH); and (3) APD371, a cannabinoid receptor 2 (CB2) agonist in development for GI pain associated with Crohn's disease. While Belviq has had a disappointing launch, in our view, with sales of only $4.3 million in 2Q16 after 12 quarters, we think shares of ARNA will outperform under new management with expertise in small molecule drug discovery."
Shares of Arena Pharma closed at $1.50 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- Deutsche Bank Starts Cognex (CGNX) at Buy
- Morgan Stanley Assumes Alibaba (BABA) at Overweight; Positive on Ecosystem and AliCould
Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!