JPMorgan analyst Jessica Fye upgraded Arena Pharmaceuticals to Overweight from Neutral with an unchanged price target of $58. The company's "catalyst rich" 2020-2021 coupled with recent share pullback sets up an attractive entry point, Fye tells investors in a research note. The analyst expects Arena's primary near-term focus to be fully enrolling the etrasimod pivotal U.S. trials, and in the meantime she sees an "interesting risk-reward" for the second half of 2020 readouts of ADVISE and CAPTIVATE, for which she believes little credit is being given at current share levels.