Arrowhead Pharmaceuticals (NASDAQ:ARWR) Stock Price Up 3.2% – Still a Buy?

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)’s share price shot up 3.2% during trading on Wednesday . The stock traded as high as $20.34 and last traded at $20.30. 570,721 shares changed hands during trading, a decline of 48% from the average session volume of 1,102,783 shares. The stock had previously closed at $19.67.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of Arrowhead Pharmaceuticals in a research note on Thursday, September 26th. Piper Sandler dropped their price objective on shares of Arrowhead Pharmaceuticals from $62.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Citigroup reduced their price objective 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. StockNews.com raised Arrowhead Pharmaceuticals to a “sell” rating in a research report on Friday, December 20th. Finally, Sanford C. Bernstein reduced their price target on Arrowhead Pharmaceuticals from $27.00 to $24.00 and set a “market perform” rating for the company in a research report on Friday, November 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.33.

Arrowhead Pharmaceuticals Trading Down 6.4 %

The company has a current ratio of 6.74, a quick ratio of 6.74 and a debt-to-equity ratio of 2.06. The stock has a 50-day simple moving average of $21.05 and a 200 day simple moving average of $22.53. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -3.68 and a beta of 0.97.

Insider Buying and Selling

In other Arrowhead Pharmaceuticals news, CFO Kenneth Allen Myszkowski sold 27,167 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $19.83, for a total value of $538,721.61. Following the sale, the chief financial officer now owns 473,433 shares in the company, valued at approximately $9,388,176.39. This represents a 5.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Patrick O’brien sold 29,184 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $19.82, for a total transaction of $578,426.88. Following the completion of the transaction, the chief operating officer now owns 535,201 shares of the company’s stock, valued at approximately $10,607,683.82. This represents a 5.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,473 shares of company stock valued at $2,937,847 over the last quarter. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arrowhead Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Arrowhead Pharmaceuticals by 8.8% during the third 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 last quarter. Squarepoint Ops LLC acquired a new position in Arrowhead Pharmaceuticals in the 2nd quarter valued at $9,976,000. Avoro Capital Advisors LLC lifted its holdings in Arrowhead Pharmaceuticals by 3.9% in the 2nd quarter. Avoro Capital Advisors LLC now owns 8,888,888 shares of the biotechnology company’s stock valued at $231,022,000 after purchasing an additional 333,333 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Arrowhead Pharmaceuticals by 232.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 293,083 shares of the biotechnology company’s stock worth $5,677,000 after purchasing an additional 204,933 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Arrowhead Pharmaceuticals by 61.9% during the second quarter. Millennium Management LLC now owns 529,251 shares of the biotechnology company’s stock worth $13,755,000 after buying an additional 202,280 shares in the last quarter. Hedge funds and other institutional investors own 62.61% of the company’s stock.

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.