Arrowhead Pharma (ARWR) ENaC News 'Not Thesis Changing', RBC Says; PT Lowered to $83

RBC Capital analyst Luca Issi lowered the price target on Arrowhead Pharma (NASDAQ: ARWR) to $83.00 (from $90.00) while maintaining a Outperform rating following news the company is voluntarily pausing the Phase I/II trial for ENaC due to local lung inflammation seen in rats. Issi said while unfortunate, the news is not "thesis changing."

The analyst commented, "While this is unfortunate, we have always been cautious on ENaC (we had it at 15% PoS) given IONS's recent discontinuation and the many prior failures. We are buyers into weakness as setbacks like this are part of drug development, and continue to like a rich pipeline that balances fairly de-risked liver targets (A1AT, APOC3, ANG3, HSD, LpA, HBV) with higher risk/reward extra-hepatic targets (HIF, DUX4, EnAC, Lung2). PT lowered by $7 to $83 as we remove EnAC and lower platform PoS."

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