Arrowhead price target lowered to $45 from $62 at Piper Sandler

Piper Sandler lowered the firm’s price target on Arrowhead (ARWR) to $45 from $62 and keeps an Overweight rating on the shares. The firm notes Arrowhead entered a strategic partnership with Sarepta (SRPT) for multiple TRiM programs for $500M cash upfront, $325M equity investment, $250M to be paid over 5 years, up to $10B in total milestones, plus low double-digit royalties.