Arrowhead Research (ARWR) Ends 1Q with $77M to Focus on HBV and AAT; Piper Jaffray Reiterates Overweight

Piper Jaffray maintained an Overweight rating on Arrowhead Research (NASDAQ: ARWR), and cut the price target to $13.00 (from $20.00), following the company's 1Q earnings report. Arrowhead ended 1Q with cash and equivalents of $77 million. The company began enrolling the first 6 cohorts of the open-label, adaptive design MONARCH trial in treatment-naive HBV patients. Arrowhead expects to sign research collaborations this year to study ARC-520 in combination with other agents.

Analyst Edward A. Tenthoff commented, "Arrowhead ended FY1Q:16 with cash and equivalents of $77 million. The company has begun the adaptive design MONARCH trial of ARC-520 in HBV with 6 initial cohorts that will begin to report data later this year. Arrowhead expects to complete enrollment in the HEPARC2001 extension trial, as well as the HEPARC 2002, 2003 and 2004 trials. Arrowhead also intends to report Phase Ib data for ARC-AAT and begin additional trials in PiZZ AATD patients. Arrowhead plans to file an IND for follow-on ARC-521 for HBV mid'16. We reiterate our Overweight rating, however, are lowering our price target to $13 from $20."

For an analyst ratings summary and ratings history on Arrowhead Research click here. For more ratings news on Arrowhead Research click here.

Shares of Arrowhead Research closed at $3.18 yesterday.

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