In a research report issued yesterday, Cantor analyst Elemer Piros reiterated a Buy rating on shares of Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR), with a price target of $15.00, after the biotech firm announced the initiation of the multiple ascending dose (MAD) portion of its trial in hepatitis B patients.

Piros noted, “Twenty four healthy volunteers completed the single ascending dose (SAD) segment of the trial with ARC-521, which is complementary to the lead compound, ARC-520. The data safety monitoring board approved the initiation of the MAD trial in patients, based on the safety profile in all three dose groups in volunteers. Hepatitis B e-antigen negative patients will be tested with three monthly doses in groups of eight with three different doses. We expect multiple data readouts from the healthy and infected cohorts beginning in 1Q:17.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Elemer Piros has a yearly average return of -14% and a 38% success rate. Piros has a 12.9% average return when recommending ARWR, and is ranked #3950 out of 4147 analysts.

Out of the 6 analysts polled by TipRanks, 5 rate Arrowhead Research stock a Buy, while 1 rates the stock a Hold. With a return potential of 38%, the stock’s consensus target price stands at $10.55.