Arrowhead price target lowered to $24 from $27 at Bernstein

Bernstein lowered the firm’s price target on Arrowhead (ARWR) to $24 from $27 and keeps a Market Perform rating on the shares. The company’s fiscal Q4 update centered primarily on the large collaboration deal announced with Sarepta (SRPT) (SPRT) and implications for its own strategy going forward, the analyst tells investors in a research note. The firm takes a “very positive view” on the deal, both for its transformational impact on Arrowhead’s cash position and the greater focus it will bring to the wholly-owned pipeline. The one downside about the deal is that” it dries up the catalyst path somewhat and may lead to ARWR being put in the funding short bucket,” contends Bernstein.