Chardan Capital Markets Upgrades Arbutus Biopharma (ABUS) to Buy Amid Arrowhead Hepatitis B Program Discontinuations
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Chardan Capital Markets upgraded Arbutus Biopharma (NASDAQ: ABUS) from Neutral to Buy with a price target of $4.00 (from $3.00) after Arrowhead (Neutral) announced the discontinuation of all of its clinical RNAi programs, including the two HBV RNAi assets, ARC-520 and ARC-521. In light of the removal of the Arrowhead programs from development on EX-1 RNAi program discontinuations they increase Arbutus' market share in the HBV RNAi space from 17.5% to 47.5%.
Madhu Kumar commented, "Arrowhead's discontinuations, which are specific to the DPC platform, should have minimal read-across to Arbutus. The Arrowhead clinical hold for Heparc-2004 was due to deaths in "a nonclinical toxicology study in non-human primates using EX[-]1, the company's liver-targeted, intravenously administered delivery vehicle." EX-1 uses the DPC platform, which involves a second, non-therapeutic agent to promote delivery of the RNAi drug. In contrast, competing assets in the HBV RNAi space like ARB-1467 and ARB-1740 from Arbutus, which do not use DPC technology, should not face similar safety risks."
Shares of Arbutus Biopharma closed at $2.65 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Tiffany & Co. (TIF) to Market Perform; Demand Trends Stabilizing
- Oppenheimer Cuts Price Target on Expedia (EXPE) to $145; Reiterates Outperform
- Needham & Company Upgrades Magnachip Semiconductor (MX) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Upgrades, Upgrades
Related EntitiesChardan Capital Markets
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!