Arrowhead Pharma gains as two brokerages raise PT after Sarepta deal

Arrowhead Pharmaceuticals

27/11/2024 13:27

** Arrowhead Pharmaceuticals'  ARWR.O  shares rise 6.4% to
$22.39, while Sarepta  SRPT.O  falls ~1% to $129.40 before the
bell
    ** ** On Tuesday, ARWR and SRPT announced agreement to
collaborate on clinical and preclinical programs; ARWR will get
$500 mln upfront and $325 mln equity investment from SRPT  
    ** Jefferies and Leerink Partners raise their PTs on ARWR,
say that the licensing deal with SRPT resolves cash issues for
Arrowhead and allows it to focus on developing cardiometabolic
therapies 
    ** Jefferies says deal extends ARWR's cash runway into 2028,
giving it sufficient resources for launching plozasiran, which
treats a rare metabolic disorder; raises PT by $2 to $67 
    ** Leerink raises PT to $23 from $20 to reflect easing
balance sheet concerns, says investors will closely watch ARWR's
development milestones 
    ** Ten of 15 brokerages rate the stock "buy" or higher, 5
rate it "hold"; their median PT is $45.50
    ** As of last close, ARWR down ~31.2% and SRPT up 35% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))