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Fly News Breaks for February 27, 2020
ARNA
Feb 27, 2020 | 06:55 EDT
Cantor Fitzgerald analyst Alethia Young lowered the firm's price target on Arena Pharmaceuticals to $56 from $62 and reiterates an Overweight rating on the shares. The analyst cites increased costs in Q1 and over 2020 for the reduced target and notes greater investment in a bigger pipeline. The biggest investor pushback on Arena over 2019 was a lack of near-term catalysts, but now it is safe to say that this narrative has fundamentally shifted in 2020, Young tells investors in a post-earnings research note. Eight late stage readouts are expected in 2020 and 2021, the analyst says.
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