Shares of Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) rose 11.5% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $15.35 and last traded at $15.19. Approximately 2,974,899 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 2,015,702 shares. The stock had previously closed at $13.62.
The biotechnology company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.05. The firm had revenue of $11.26 million during the quarter, compared to analyst estimates of $3.73 million. Arrowhead Pharmaceuticals had a negative net margin of 400.13% and a negative return on equity of 59.39%.
ARWR has been the subject of a number of recent research reports. BidaskClub lowered shares of Arrowhead Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 16th. Cantor Fitzgerald set a $18.00 target price on shares of Arrowhead Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, September 6th. B. Riley raised shares of Arrowhead Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $18.00 to $19.00 in a research note on Thursday, September 6th. Chardan Capital lifted their target price on shares of Arrowhead Pharmaceuticals from $17.50 to $24.50 and gave the stock a “buy” rating in a research note on Thursday, September 6th. Finally, Jefferies Financial Group lifted their target price on shares of Arrowhead Pharmaceuticals to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $21.45.
In related news, VP Peter Brian Leone sold 131,137 shares of Arrowhead Pharmaceuticals stock in a transaction on Friday, October 19th. The shares were sold at an average price of $13.49, for a total value of $1,769,038.13. Following the transaction, the vice president now directly owns 160,000 shares of the company’s stock, valued at $2,158,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas B. Given sold 3,000 shares of Arrowhead Pharmaceuticals stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $12.74, for a total transaction of $38,220.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,637 shares of company stock worth $2,980,043. 4.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Arrowhead Pharmaceuticals by 339.8% in the second quarter. Bank of America Corp DE now owns 73,657 shares of the biotechnology company’s stock worth $1,002,000 after buying an additional 56,909 shares during the period. Rhumbline Advisers purchased a new position in Arrowhead Pharmaceuticals during the 2nd quarter valued at $1,142,000. Cubist Systematic Strategies LLC purchased a new position in Arrowhead Pharmaceuticals during the 2nd quarter valued at $244,000. Northern Trust Corp increased its position in Arrowhead Pharmaceuticals by 380.1% during the 2nd quarter. Northern Trust Corp now owns 1,063,499 shares of the biotechnology company’s stock valued at $14,464,000 after purchasing an additional 841,982 shares during the period. Finally, United Services Automobile Association increased its position in Arrowhead Pharmaceuticals by 69.6% during the 2nd quarter. United Services Automobile Association now owns 19,043 shares of the biotechnology company’s stock valued at $259,000 after purchasing an additional 7,816 shares during the period. 63.33% of the stock is currently owned by institutional investors.
The company has a current ratio of 8.69, a quick ratio of 8.69 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.16 billion, a PE ratio of -32.32 and a beta of 2.05.
About Arrowhead Pharmaceuticals (NASDAQ:ARWR)
Arrowhead Pharmaceuticals, Inc develops medicines for the treatment of intractable diseases in the United States. Its medicines include ARO-HBV, a Phase I/II subcutaneous ribonucleic acid interference(RNAi) therapy candidate that is used for the treatment of chronic hepatitis B viral infection; ARO-AAT for the treatment of liver disease associated with alpha-1 antitrypsin deficiency; ARO-APOC3 and ARO-ANG3 to treat hypertriglyceridemia; ARO-Lung1 for the treatment of an undisclosed pulmonary target; ARO-HIF2 to treat renal cell carcinoma; ARO-F12 for hereditary angioedema and thromboembolic disorders; and ARO-AMG1 for the treatment of an undisclosed genetically validated cardiovascular target.
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