Arrowhead data supports blockbuster potential of ARO-C3, says H.C. Wainwright

H.C. Wainwright reiterates a Buy rating and $80 price target on shares of Arrowhead (ARWR) Pharmaceuticals after the company announced top-line data from Part 2 of the Phase 1/2 trial evaluating ARO-C3, a small interfering RNA therapeutic candidate designed to reduce liver production of complement component 3 for the treatment of complement-mediated renal diseases. The top-line data show that ARO-C3 led to deep and sustained reductions through Week 24 in alternative pathway complement activity and proteinuria, a surrogate marker of renal injury in patients with IgA nephropathy, supporting the firm’s confidence in the blockbuster potential of Arrowhead’s complement disease franchise, the analyst tells investors in a research note.