Piper Jaffray Cuts Price Target on Arrowhead Research (ARWR) to $8.00 Following 3Q
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Piper Jaffray maintained an Overweight rating on Arrowhead Research (NASDAQ: ARWR), and cut the price target to $8.00 (from $13.00), following the company's 3Q earnings report. Arrowhead ended FY3Q:16 with cash of $44.6 million and issued 7.63 million shares at $5.90 per share bringing proforma cash to ~$90 million.
Analyst Edward Tenthoff commented, "Arrowhead ended FY3Q:16 with cash of $44.6 million and today issued 7.63 million shares bringing pro forma cash to $90 million. Arrowhead is now developing two HBV RNAi drugs: ARC-520 in multiple Phase II studies with updates likely at AASLD in November and follow-on ARC-521 in a Phase I healthy volunteer study. Arrowhead should report Phase I data on ARC-AAT from healthy volunteers and Alpha I anti-trypsan deficiency patients this year. Arrowhead is advancing ARC-F12, ARC-LPA and ARC-HIF2 toward the clinic. We maintain our Overweight rating, however are cutting our 12-month price target to $8 from $13 to account for increased HBV competition and dilution from the offering."
Shares of Arrowhead Research closed at $6.39 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Edward Tenthoff
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