RBC Capital analyst Kennen MacKay raised his price target on Arena Pharmaceuticals (ARNA) to $70 and kept his Outperform rating after its $1.2B licensing deal with United Therapeutics (UTHR) for worldwide rights to Arena's pulmonary arterial hypertension drug candidate ralinepag. The analyst notes that the cash flow will reduce the company's R&D and commercial development spending, enabling the company to "focus on unlocking the value of crown jewel etrasimod without concern surrounding cash runway" while also demonstrating the value of its pipeline/medicinal chemistry.