UPDATE: H.C. Wainwright Starts Arena Pharma (ARNA) at Buy

June 29, 2020 6:08 AM EDT
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Price: $57.85 -1.88%

Rating Summary:
    18 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 2 | New: 5
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(Updated - June 29, 2020 6:35 AM EDT)

(updated to add analyst comments)

H.C. Wainwright analyst Patrick Trucchio initiates coverage on Arena Pharma (NASDAQ: ARNA) with a Buy rating and a price target of $90.00.

The analyst commented, "Arena Pharmaceuticals, based in San Diego, California, is a biopharmaceutical company focused on delivering novel medicines with optimized pharmacology and pharmacokinetics to patients globally. Arena's broad pipeline is advancing with the brightest spotlight on lead compound etrasimod, an oral, next generation, selective sphingosine 1-phosphate (S1P) receptor modulator. Execution on etrasimod clinical trials amid COVID-19 and favorable read throughs from competitor data in ulcerative colitis (UC) have driven ARNA shares up around 45% ytd (vs. IBB +12%). To us, further value creation is likely in 2H20 and 2021 when multiple data readouts, if positive, could shift the conversation from etrasimod having multi-blockbuster peak sales potential in UC and Crohn's disease (CD), forms of inflammatory bowel disease (IBD), to possibly becoming one of the largest drugs ever with five indications on label; hence, we initiate coverage with a Buy rating and $90 price target."

For an analyst ratings summary and ratings history on Arena Pharma click here. For more ratings news on Arena Pharma click here.

Shares of Arena Pharma closed at $65.92 yesterday.

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