Citi analyst Joel Beatty says some investors are asking about a comment made by Arena Pharmaceuticals management on yesterday's earnings call regarding the heart rate effects of S1P modulators being on target effect of the class. The concern seems to be whether this was a change in tone by management that suggests the Phase 2 data expected for etrasimod later this month will show a side effect of slow heart rate, Beatty tells investors in a research note. Beatty asked Arena CEO about this and learned that he has not seen any blinded data from any of the ongoing studies of etrasimod. As such, the analyst believes the comment made on the call doesn't have any direct read-through to the data coming later this month. He keeps a Buy rating on Arena.