Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Gap Down on Disappointing Earnings

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWRGet Free Report) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $33.20, but opened at $31.75. Arrowhead Pharmaceuticals shares last traded at $31.05, with a volume of 482,311 shares traded.

The biotechnology company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.46). The firm had revenue of $3.55 million for the quarter, compared to analysts’ expectations of $35.60 million. Arrowhead Pharmaceuticals had a negative return on equity of 78.50% and a negative net margin of 163.32%. The firm’s revenue for the quarter was down 94.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.39) earnings per share.

Analyst Ratings Changes

Several research firms have weighed in on ARWR. StockNews.com downgraded shares of Arrowhead Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, November 22nd. Bank of America raised their target price on shares of Arrowhead Pharmaceuticals from $29.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, January 2nd. Morgan Stanley upped their target price on Arrowhead Pharmaceuticals from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Wednesday. Citigroup upped their target price on Arrowhead Pharmaceuticals from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $90.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Arrowhead Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $51.25.

Get Our Latest Analysis on ARWR

Insider Activity

In other news, Director Douglas B. Given sold 2,911 shares of the business’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $38.06, for a total transaction of $110,792.66. Following the completion of the sale, the director now directly owns 129,711 shares of the company’s stock, valued at approximately $4,936,800.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Arrowhead Pharmaceuticals news, CEO Christopher Richard Anzalone sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $28.54, for a total transaction of $342,480.00. Following the completion of the sale, the chief executive officer now directly owns 3,725,000 shares in the company, valued at $106,311,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas B. Given sold 2,911 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $38.06, for a total transaction of $110,792.66. Following the sale, the director now owns 129,711 shares of the company’s stock, valued at $4,936,800.66. The disclosure for this sale can be found here. Insiders sold 196,139 shares of company stock valued at $6,471,839 in the last ninety days. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Arrowhead Pharmaceuticals

Several institutional investors have recently bought and sold shares of ARWR. Washington Trust Advisors Inc. purchased a new stake in shares of Arrowhead Pharmaceuticals in the fourth quarter worth about $25,000. Fifth Third Bancorp grew its position in Arrowhead Pharmaceuticals by 112.0% in the third quarter. Fifth Third Bancorp now owns 988 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 522 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of Arrowhead Pharmaceuticals during the second quarter valued at approximately $29,000. KBC Group NV acquired a new position in shares of Arrowhead Pharmaceuticals during the second quarter worth $32,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Arrowhead Pharmaceuticals in the second quarter valued at $32,000. 65.98% of the stock is currently owned by hedge funds and other institutional investors.

Arrowhead Pharmaceuticals Stock Performance

The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of -11.10 and a beta of 0.78. The stock’s fifty day moving average is $31.20 and its two-hundred day moving average is $29.10.

Arrowhead Pharmaceuticals Company Profile

(Get Free Report)

Arrowhead Pharmaceuticals, Inc develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes Plozasiran, which is in Phase 2b and one Phase 3 clinical trial to treat hypertriglyceridemia, mixed dyslipidemia, and chylomicronemia syndrome; Zodasiran that is in Phase 2b clinical trial for the treatment of dyslipidemia and hypertriglyceridemia; ARO-PNPLA3, which is in Phase 1 clinical trial to treat patients with non-alcoholic steatohepatitis; ARO-RAGE that is in Phase 1/2a clinical trial to treat inflammatory pulmonary conditions; and ARO-MUC5AC, which is in Phase 1/2a clinical trial to treat muco-obstructive pulmonary diseases.

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