Market Overview

Piper Jaffray Maintains Overweight on Arena Pharmaceuticals on Share Rally

Share:
Related ARNA
Arena Pharma Could Be Developing Several Best-In-Class Agents
15 Biggest Mid-Day Gainers For Friday

Piper Jaffray has published a research report on Arena Pharmaceuticals (NASDAQ: ARNA) commenting on the stock's 27% rise this week to date.

In the report, Piper Jaffray writes, "Shares of ARNA have risen 27% this week ahead of the company's June 27th PDUFA date for obesity drug Lorcaserin. We believe a lot of the volume has been driven by retail investors. Arena is one of the most heavily shorted stocks in our coverage universe with a ~22% short interest, so we could be seeing a squeeze. We maintain our Overweight rating pending the outcome of the June 27th PDUFA date, which will likely impact our current $7 price target."

Piper Jaffray maintains its Overweight rating and $7 price target on Arena Pharmaceuticals, which is currently trading down ~3.30% from yesterday's $7.88 closing price.

Latest Ratings for ARNA

DateFirmActionFromTo
May 2017Leerink SwannInitiates Coverage OnOutperform
Sep 2016FBR CapitalInitiates Coverage onOutperform
Nov 2013WallachbethInitiates Coverage onBuy

View More Analyst Ratings for ARNA
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Reiteration Analyst Ratings

 

Related Articles (ARNA)

View Comments and Join the Discussion!