Cantor Fitzgerald Sticks to Its Buy Rating for Arena Pharma

By Carrie Williams

Cantor Fitzgerald analyst William Tanner reiterated a Buy rating on Arena Pharma (NASDAQ: ARNA) yesterday and set a price target of $37. The company’s shares closed yesterday at $16.52.

Tanner said:

“ARNA disclosed that an extended release (XR) formulation of PAH drug candidate ralinepag provided a similar plasma concentration of drug as the immediate release formulation but that the Cmax was lower.”

According to TipRanks.com, Tanner is a 4-star analyst with an average return of 11.7% and a 59.8% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Supernus Pharmaceuticals, and Intra-Cellular Therapies.

Arena Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $21.

Based on Arena Pharma’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $6.62 million and GAAP net loss of $22.05 million. In comparison, last year the company earned revenue of $9.51 million and had a GAAP net loss of $27.18 million.

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Arena Pharmaceuticals, Inc. is a biopharmaceutical company engages in the discovery, development, and commercialization of novel drugs that target G protien-coupled receptors. It offers a range of drugs for treatment in the field of cardiovascular, central nervous system, inflammatory, and metabolic diseases. The company was founded by Dominic P.