Shares of Arena Pharmaceuticals Inc. (ARNA)  have jumped more than 40% on Tuesday, July 11, following positive data for a key heart disease treatment.

And the run may not be over anytime soon, according to one Wall Street firm.

Arena said the primary efficacy analysis showed a "statistically significant absolute change from baseline in pulmonary vascular resistance (PVR) compared to placebo." In addition, ralinepag demonstrated numerical improvement in six-minute walk distance.

Shares of the San Diego-based biotech rocketed about 42% to $26.15 onTuesday after the it unveiled positive Phase 2 data on Monday for ralinepag, which is being developed as a treatment for pulmonary arterial hypertension.

The results announced Monday surpassed the benchmark established by its competitor selexipag (marketed as Uptravi), which is owned by Johnson & Johnson Inc. (JNJ) (acquired via its Actelion Ltd. acquisition) and hit the market in 2015.

The results led Joseph P. Schwartz or Leerink Partners to increase his price target to $53 per share from $47, meaning there could be more than 190% upside for the company going forward.

Schwartz said that it had also increased the probability that ralinepag will make it to market for the treatment ofpulmonary arterial hypertension to 50% from 30%. The firm reiterated its outperform rating on Arena.

"Today's topline data builds upon strong favorable, albeit in vitro, data which effectively re-positions Arena as a biotechnology company driven by proprietary pipeline rather than the long-standing image of a weight-loss drug company," Schwartz wrote in a note Tuesday morning. "On the heels of today's ralinepag data, we believe investors will begin to assign greater value to the company's proprietary pipeline - etrasimod and APD371 - that could present further upside in not only mass-mkt. indications like ulcerative colitis (UC) and pain, but also in the rare manifestations including pyoderma gangrenosum (PG) and extraintestinal manifestations (EIM)."

Meanwhile, Amicus Therapeutics (FOLD) shares rose 31.5% to $13.49 after the Cranbury, N.J.-based firm revealed plans to submit a new drug application to the U.S. Food and Drug Administration in the fourth quarter for migalastat for Fabry disease.

"Based on a series of discussions with and written communication received from the FDA, the Agency has informed Amicus that it may now submit an NDA for migalastat," Amicus said.

Other biotech movers include Shire plc (SHPG) , whose American depository receipts were down 3.1% to $158.30. Shire on July 9 said it has obtained a preliminary injunction against F. Hoffmann-La Roche Ltd. in a Hamburg, Germany court in order to address what Shire said were "incomplete and misleading statements that may impact important issues of patient safety" regarding the investigational hemophilia treatment emicizumab.

Shire said it seeks to "prevent further dissemination of the inaccurate and misleading characterization of the serious adverse events that occurred in the HAVEN 1 Phase 3 trial of emicizumab."

Sought for comment, a representative for Roche unit Genentech said in an email, "We believe these claims are categorically false. We are addressing this through the appropriate legal channels. We stand behind the emicizumab data, our clinical trial protocol and investigators and the hemophilia community. Our decisions and actions are always based on doing what is right for patients."

The ongoing fight with Roche highlights the pressure Shire is under from Roche and others developing new hemophilia treatments, particularly BioMarin Pharmaceutical Inc. (BMRN) and uniQure NV (QURE)

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