Piper Sandler analyst Edward Tenthoff reiterated an Overweight rating and $80 price target on Arrowhead Pharmaceuticals after the company announced that it has dosed the first patient in Phase I study of ARO-HSD to treat NASH. The study will evaluate safety in up to 75 healthy adults and NASH patients with drug response assessed by liver biopsy, Tenthoff says, adding that Arrowhead plans to file an IND/CTA for ARO-ENaC for cystic fibrosis in 1H20. The Phase II/III SEQUOIA trial of ARO-AAT to treat alpha-1 antitrypsin deficiency continues to enroll, he adds.