Arrowhead price target lowered to $27 from $36 at Morgan Stanley

Morgan Stanley analyst Michael Ulz lowered the firm’s price target on Arrowhead to $27 from $36 and keeps an Equal Weight rating on the shares. Following the Q2 report, the firm has updated its model to reflect raised operating expense esimates and, given the delay in key pulmonary data, decreased the view of the probability of success for ARO-RAGE to 10% from 20% and ARO-MUC5AC to 5% from 20% previously.