Cantor Fitzgerald analyst William Tanner says Arena Pharmaceuticals is again "underpromising and overdelivering" after announcing positive data from a Phase 2 trial of olorinab in subjects with abdominal pain associated with Crohn's disease. The analyst says previous conversations with management caused him to adopt a conservative viewpoint as it relates to the likelihood that the trial would yield results that could be interpreted as a clear sign of potential safety and efficacy. He believes last night's data "clearly establish olorinab as a viable drug worthy of advanced development." Tanner reiterates an Overweight rating on Arena Pharmaceuticals with a $65 price target.