FBR Capital Starts Arena Pharma (ARNA) at Outperform, $6 PT
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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.
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