Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Gap Down After Earnings Miss

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $19.92, but opened at $18.23. Arrowhead Pharmaceuticals shares last traded at $19.18, with a volume of 183,105 shares changing hands.

The biotechnology company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.97).

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ARWR. Piper Sandler cut their price target on Arrowhead Pharmaceuticals from $62.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Citigroup decreased their price target on shares of Arrowhead Pharmaceuticals from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Chardan Capital reiterated a “buy” rating and set a $60.00 price target on shares of Arrowhead Pharmaceuticals in a report on Tuesday. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Arrowhead Pharmaceuticals to a “sell” rating in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Arrowhead Pharmaceuticals has an average rating of “Hold” and an average price target of $43.33.

Insider Buying and Selling

In related news, CEO Christopher Richard Anzalone sold 11,520 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $19.05, for a total transaction of $219,456.00. Following the completion of the sale, the chief executive officer now owns 3,764,252 shares in the company, valued at $71,709,000.60. This represents a 0.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adeoye Y. Olukotun sold 2,850 shares of Arrowhead Pharmaceuticals stock in a transaction on Friday, December 27th. The shares were sold at an average price of $20.00, for a total transaction of $57,000.00. Following the completion of the transaction, the director now owns 36,740 shares in the company, valued at approximately $734,800. This represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 147,432 shares of company stock worth $2,957,986 in the last ninety days. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arrowhead Pharmaceuticals

Several hedge funds have recently made changes to their positions in ARWR. State Street Corp increased its position in Arrowhead Pharmaceuticals by 8.8% in the 3rd quarter. State Street Corp now owns 6,354,331 shares of the biotechnology company’s stock valued at $123,083,000 after acquiring an additional 516,569 shares during the period. Geode Capital Management LLC grew its stake in shares of Arrowhead Pharmaceuticals by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,964,119 shares of the biotechnology company’s stock valued at $57,426,000 after purchasing an additional 26,171 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Arrowhead Pharmaceuticals by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,017,720 shares of the biotechnology company’s stock valued at $19,133,000 after purchasing an additional 10,785 shares during the period. abrdn plc raised its stake in shares of Arrowhead Pharmaceuticals by 12.2% during the fourth quarter. abrdn plc now owns 450,075 shares of the biotechnology company’s stock worth $8,461,000 after purchasing an additional 48,929 shares during the last quarter. Finally, Privium Fund Management B.V. lifted its holdings in shares of Arrowhead Pharmaceuticals by 14.2% during the fourth quarter. Privium Fund Management B.V. now owns 380,586 shares of the biotechnology company’s stock worth $7,155,000 after purchasing an additional 47,230 shares during the period. Institutional investors and hedge funds own 62.61% of the company’s stock.

Arrowhead Pharmaceuticals Trading Down 5.1 %

The company has a debt-to-equity ratio of 2.06, a quick ratio of 6.74 and a current ratio of 6.74. The stock has a market capitalization of $2.36 billion, a PE ratio of -3.74 and a beta of 0.95. The business’s 50-day moving average is $20.37 and its two-hundred day moving average is $21.32.

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.