Arrowhead Pharmaceuticals, Inc. (ARWR) is currently a tremendous value at an over 40% discount to recent highs. A recent upgrade by independent analyst BioBoyScout gives a perfectly reasonable pie-in-the-sky valuation of $107 for Arrowhead based primarily on its expanding partnership with Johnson & Johnson (JNJ). Rapid expansion by Arrowhead into cell types outside the liver means that additional partnerships besides JNJ and Amgen Inc. (AMGN) just make sense. Arrowhead can easily partner additional specialized candidates with industry leaders so that it can focus its efforts exclusively on value-adding candidates