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Shares of Arena hit a 52-week high on Tuesday of $7.75. The stock's 52-week low of $1.23 was set on Oct. 4.
"Arena raised gross proceeds of $69.6 million bringing pro forma cash to ~$154 million, which we estimate is sufficient to gain Lorcaserin approval," Piper Jaffray analysts wrote in a May 29 report. "Earlier this month, the Endocrinologic and Metabolic Drugs Advisory Committee voted 18 to 4 to approve Lorcaserin for the treatment of obesity. The drug's PDUFA date is June 27th, but could potentially be pushed back 90 days. Regardless, we do anticipate approval this year triggering a $60 million milestone from partner Eisai. We reiterate our Overweight rating and $7 price target."
Five of the 11 analysts who cover Arena rated it hold. Four analysts gave the stock a buy rating and two rated it sell.
The stock has risen 311.81% year to date.
-- Written by Alexandra Zendrian
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