State of New Jersey Common Pension Fund D Sells 6,552 Shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

State of New Jersey Common Pension Fund D lowered its position in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) by 7.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 86,532 shares of the biotechnology company’s stock after selling 6,552 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Arrowhead Pharmaceuticals were worth $2,648,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ARWR. FMR LLC boosted its holdings in Arrowhead Pharmaceuticals by 58.2% in the 3rd quarter. FMR LLC now owns 4,308,903 shares of the biotechnology company’s stock worth $115,780,000 after buying an additional 1,584,425 shares during the period. Invesco Ltd. boosted its holdings in shares of Arrowhead Pharmaceuticals by 9.6% during the 3rd quarter. Invesco Ltd. now owns 2,443,038 shares of the biotechnology company’s stock valued at $65,644,000 after purchasing an additional 214,618 shares during the last quarter. Avidity Partners Management LP boosted its holdings in shares of Arrowhead Pharmaceuticals by 15.0% during the 3rd quarter. Avidity Partners Management LP now owns 1,063,897 shares of the biotechnology company’s stock valued at $28,587,000 after purchasing an additional 138,897 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Arrowhead Pharmaceuticals by 314.2% during the 3rd quarter. Jump Financial LLC now owns 114,433 shares of the biotechnology company’s stock valued at $3,075,000 after purchasing an additional 86,807 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Arrowhead Pharmaceuticals by 26.6% during the 3rd quarter. Rafferty Asset Management LLC now owns 297,755 shares of the biotechnology company’s stock valued at $8,001,000 after purchasing an additional 62,542 shares during the last quarter. Institutional investors own 62.61% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on ARWR shares. Morgan Stanley increased their price objective on shares of Arrowhead Pharmaceuticals from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Citigroup increased their price objective on shares of Arrowhead Pharmaceuticals from $33.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Bank of America increased their price objective 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. Royal Bank of Canada restated an “outperform” rating and set a $50.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, February 7th. Finally, HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.80.

Insider Buying and Selling

In related news, CFO Kenneth Allen Myszkowski sold 40,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $35.19, for a total value of $1,407,600.00. Following the sale, the chief financial officer now directly owns 400,600 shares of the company’s stock, valued at approximately $14,097,114. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Kenneth Allen Myszkowski sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $35.19, for a total transaction of $1,407,600.00. Following the transaction, the chief financial officer now directly owns 400,600 shares of the company’s stock, valued at $14,097,114. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Hongbo Lu bought 1,000 shares of Arrowhead Pharmaceuticals stock in a transaction dated Wednesday, March 20th. The shares were bought at an average cost of $27.50 per share, for a total transaction of $27,500.00. Following the completion of the transaction, the director now owns 33,680 shares of the company’s stock, valued at approximately $926,200. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by corporate insiders.

Arrowhead Pharmaceuticals Price Performance

Arrowhead Pharmaceuticals stock opened at $22.62 on Wednesday. Arrowhead Pharmaceuticals, Inc. has a 1-year low of $20.67 and a 1-year high of $42.48. The firm has a market capitalization of $2.80 billion, a P/E ratio of -8.14 and a beta of 0.71. The company’s 50-day moving average is $27.85 and its 200 day moving average is $28.83.

Arrowhead Pharmaceuticals (NASDAQ:ARWR) last posted its quarterly earnings data on Tuesday, February 6th. The biotechnology company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.46). Arrowhead Pharmaceuticals had a negative return on equity of 90.77% and a negative net margin of 163.32%. The firm had revenue of $3.55 million during the quarter, compared to analysts’ expectations of $35.60 million. During the same period last year, the company earned ($0.39) earnings per share. The business’s revenue for the quarter was down 94.3% compared to the same quarter last year. Research analysts anticipate that Arrowhead Pharmaceuticals, Inc. will post -2.7 earnings per share for the current fiscal year.

Arrowhead Pharmaceuticals Company Profile

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.