Yesterday the stock hit a new 52 week high again as it was up over $3 a share...
Fwiw, some on the Arena board think this is going to be a $200 stock in a buyout in the next couple years or sooner...
You might want to go over there and start reading what these investors have to say about the stock...
Its a private board so you might have to sign up to read it...
https://www.investorvillage.com/Groups.asp?mb=19370&pt=m
The details behind this massive target change are quite impressive...Take a look...
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Arena Pharmaceuticals price target raised to $120 from $83 at Citi
Citi analyst Joel Beatty raised the firm's price target on Arena Pharmaceuticals to $120 from $83 and keeps a Buy rating on the shares. The stock's risk/reward is favorable heading into the Phase 2b atopic dermatitis results by year-end, Beatty tells investors in a research note. The efficacy bar to support stock upside is "relatively low" and if Etrasimod demonstrates clear proof-of-concept the upside is considerable, says the analyst. Further, downside upon a failure in atopic dermatitis is "relatively modest and transient" due to a growing appreciation of other parts of Arena, adds the analyst.
https://thefly.com 
