Analyst Downgrades: Arrowhead Pharmaceuticals Inc, Freeport-McMoRan Inc, and Fang Holdings Ltd

Analysts downwardly revised their ratings and price targets on Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR), Freeport-McMoRan Inc (NYSE:FCX), and Fang Holdings Ltd (NYSE:SFUN)

Nov 30, 2016 at 10:11 AM
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Analysts are weighing in on drugmaker Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR), mining stock Freeport-McMoRan Inc (NYSE:FCX), and real estate specialist Fang Holdings Ltd (NYSE:SFUN). Here's a quick roundup of today's bearish brokerage notes on ARWR, FCX, and SFUN.

  • ARWR is down 61.6% today at $1.69, earlier tapping a new all-time low of $1.64, following news the company is discontinuing three drug development programs and slashing 30% of its workforce. In response, no fewer than four brokerage firms lowered their ratings to the equivalent of a "hold," while three slashed their price targets on the stock. Cantor Fitzgerald set the bar lowest, revising its target price to $1 from $15. Arrowhead Pharmaceuticals Inc is now down 72.5% year-to-date, and some short sellers may be kicking themselves for missing this sell-off. Specifically, short interest on ARWR dropped by 12.6% in the last two reporting periods. 

  • Berenberg downgraded FCX to "sell" from "hold," yet raised its price target on the stock to $10.90 from $9.60. The shares are responding favorably, adding 2.8% to trade at $15.40, bringing their year-to-date lead to more than 127%. Despite this outperformance, Wall Street is mostly bearish on Freeport-McMoRan Inc. Just three of the 14 brokerage firms covering the stock recommend buying it. 

  • SFUN is slipping on a price-target cut to $3.40 from $4.50 at J.P. Morgan Securities, with the shares last down 0.7% at $2.88. The stock hit a four-year low of $2.80 earlier this month, and has given up more than 60% of its value so far in 2016. Still, options traders have kept the faith -- albeit amid low absolute volumes. During the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), nine Fang Holdings Ltd call options have been bought to open for every put. 
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