Cantor Fitzgerald Says Arrowhead Pharma's (ARWR) RNAi Deal with Amgen Validates Platform; Affirms at 'Buy'

September 29, 2016 10:49 AM EDT
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Cantor Fitzgerald affirms Arrowhead Pharmaceuticals Inc. (Nasdaq: ARWR) at Buy with a price target of $15 following its RNAi program collaboration agreement with Amgen (Nasdaq: AMGN).

The firm commented on Thursday, We believe the deal and its terms validate the Arrowhead platform marking perhaps the rekindling of interest by larger companies in RNAi.

Following the liver safety signals announced yesterday afternoon by Alnylam's ALN-AAT program, we do not see liver safety concerns with Arrowhead's ARC-AAT. In a healthy volunteer study, Alnylam observed dose dependent liver enzyme elevations with doses from 3mg/ kg to 6mg/kg. Arrowhead, on the other hand, has moved forward to Phase 1/2 trial in patients, following a clean safety profile in healthy subjects at even higher doses than 6mg/kg. Alnylam (ALNY, Not Covered) claims a sequence specific issue, but we cannot rule out a possibility that the issue is broader, chemistrybased for them. Regardless, Arrowhead is now clearly in the lead by at least 2-3 years with their AAT program, the firm noted.

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