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Fly News Breaks for February 20, 2018
ARNA
Feb 20, 2018 | 07:46 EDT
JMP Securities analyst Jason Butler raised his price target on Arena Pharmaceuticals to $63 from $36, stating that he has high conviction in the potential for the company's Phase 2 trial of etrasimod in ulcerative colitis to show success when top-line results are reported next month. He has raised his probability of success for the program to 50% from 25% previously and increased his estimate of peak sales to $4B-$5B from about $3B. Butler keeps an Outperform rating on Arena shares.
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