Arrowhead Research (ARWR) PT Slashed to $2 at Jefferies
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Jefferies analyst Eun Yang lowered his price target on Arrowhead Research (NASDAQ: ARWR) to $2.00 (from $5.00) while maintaining a Hold rating after the company discontinues its EX1-based clinical programs (ARC-520, ARC-521, ARC-AAT) given likely "substantial" delays due to need for add'l non-clinical studies due to EX1 dose-related toxicity; and focuses on SC/extra-hepatic pipeline to better align its resources.
"This is surprising given that on 11/8/16, ARWR noted a clinical hold on one of ARC-520 programs would not affect other programs," Yang notes.
The $2 PT comes on cash & AMGN collaboration.
Shares of Arrowhead Research closed at $4.39 yesterday.
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