Little credit is still being given...
JPMorgan upgrades Arena Pharmaceuticals ahead of 'catalyst rich' two years 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.
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