Arena Pharmaceuticals price target raised to $77 from $63 at Credit Suisse

Credit Suisse analyst Martin Auster raised his price target for Arena Pharmaceuticals to $77 from $63 as he believes etrasimod has an opportunity to emerge as the oral agent of choice in the treatment of moderate-to-severe IBD. While several effective biologic approaches exist to manage IBD, the analyst received feedback that a safe and effective oral agent will likely play a major long-term role in managing patients’ refractory to SoC, TNF-alpha antagonists. Etrasimod may be the 3rd or 4th oral agent to the market, but Auster sees its clinical profile supporting it as the best agent. The analyst reiterates an Outperform rating on the shares.

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