Arrowhead price target raised to $61 from $38 at B. Riley

B. Riley raised the firm’s price target on Arrowhead (ARWR) to $61 from $38 and keeps a Buy rating on the shares. The firm says “structural” cost advantages position Arrowhead to capture “disproportionate value” in high prevalence cardiovascular-met and rare neuromuscular indications. B. Riley’s analysis indicates Arrowhead’s constructs could achieve annual per-patient costs of goods sold advantages of five-times peer bioconjugate platforms, which it feels is an “underappreciated differential material to long-term gross margin assumptions.”