Piper Jaffray Cuts Price Target on Arrowhead Research (ARWR) to $8.00 Following 3Q

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."

For an analyst ratings summary and ratings history on Arrowhead Research click here. For more ratings news on Arrowhead Research click here.

Shares of Arrowhead Research closed at $6.39 yesterday.

You May Also Be Interested In

• nCino Inc. (NCNO) PT Raised to $17 at JPMorgan
• Seaport Global Securities Upgrades BWX Technologies (BWXT) to Buy
• Credo Tech (CRDO) PT Raised to $350 at Stifel