On Monday, Citi reaffirmed its Neutral stance on shares of Arrowhead Pharmaceuticals (NASDAQ:ARWR), maintaining a price target of $29.00. The decision follows the successful Phase 3 PALISADE trial results for the company's drug candidate, plozasiran, in treating familial chylomicronemia syndrome (FCS). The trial demonstrated up to an 80% reduction in triglyceride (TG) levels at the 10-month mark with quarterly doses of 25 and 50mg. Additionally, the drug exhibited a clean profile and significant benefits on secondary endpoints, including reductions in fasting TG and APOC3, as well as a reduction in acute pancreatitis events.
Arrowhead is set to discuss the plozasiran data at its upcoming Cardiometabolic R&D event on June 25, 2024, and plans to present the full results from the PALISADE trial at a medical meeting. The analyst noted the difficulty in benchmarking the drug's performance against olezarsen, another treatment for FCS, due to differences in the patient populations of the respective trials and the unknown mean placebo-adjusted TG benefit from the PALISADE study.
The PALISADE trial included a mix of patients with both genotypic FCS, which is harder to improve, and phenotypic FCS, which is less severe. This diversity in trial participants adds complexity to direct comparisons with the BALANCE trial of olezarsen, which showed a 43.5% placebo-adjusted TG reduction in a genotypic FCS population.
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