Needham Thinks Arena Pharma’s Stock is Going to Recover

In a report released today, Joseph Stringer from Needham assigned a Buy rating to Arena Pharma (ARNAResearch Report), with a price target of $80.00. The company’s shares closed last Tuesday at $61.32, close to its 52-week low of $59.55.

According to TipRanks.com, Stringer is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -12.9% and a 18.2% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, Phathom Pharmaceuticals, and Lexicon Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Arena Pharma with a $99.20 average price target, a 56.2% upside from current levels. In a report released yesterday, JonesTrading also maintained a Buy rating on the stock with a $94.00 price target.

See today’s analyst top recommended stocks >>

Arena Pharma’s market cap is currently $3.72B and has a P/E ratio of -8.60. The company has a Price to Book ratio of 3.57.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.