Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Up 3.2% – Here’s What Happened

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) shares rose 3.2% during trading on Wednesday . The stock traded as high as $20.34 and last traded at $20.30. Approximately 570,721 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,102,783 shares. The stock had previously closed at $19.67.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Citigroup cut their target price on Arrowhead Pharmaceuticals from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Piper Sandler cut 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. Sanford C. Bernstein decreased their target price on shares of 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. Royal Bank of Canada restated an “outperform” rating and set a $42.00 price target on shares of Arrowhead Pharmaceuticals in a research report on Thursday, September 26th. Finally, StockNews.com upgraded shares of Arrowhead Pharmaceuticals to a “sell” rating in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Arrowhead Pharmaceuticals has an average rating of “Hold” and an average price target of $43.33.

Arrowhead Pharmaceuticals Stock Up 1.2 %

The stock has a fifty day moving average of $21.03 and a 200-day moving average of $22.56. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -3.97 and a beta of 0.97. The company has a current ratio of 6.74, a quick ratio of 6.74 and a debt-to-equity ratio of 2.06.

Insiders Place Their Bets

In related news, Director William D. Waddill sold 3,748 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $21.90, for a total transaction of $82,081.20. Following the completion of the sale, the director now directly owns 44,125 shares in the company, valued at approximately $966,337.50. This trade represents a 7.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James C. Hamilton sold 32,729 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $19.82, for a total transaction of $648,688.78. Following the transaction, the insider now directly owns 272,122 shares in the company, valued at $5,393,458.04. The trade was a 10.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,473 shares of company stock worth $2,937,847. Company insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Arrowhead Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Values First Advisors Inc. acquired a new stake in Arrowhead Pharmaceuticals during the third quarter valued at $52,000. Meeder Asset Management Inc. grew its stake in shares of Arrowhead Pharmaceuticals by 4,629.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,405 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 3,333 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Arrowhead Pharmaceuticals by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,496 shares of the biotechnology company’s stock worth $88,000 after buying an additional 788 shares during the last quarter. Quantbot Technologies LP bought a new position in Arrowhead Pharmaceuticals during the third quarter valued at approximately $149,000. Finally, Quarry LP raised its position in Arrowhead Pharmaceuticals by 54.5% during the second quarter. Quarry LP now owns 8,500 shares of the biotechnology company’s stock valued at $221,000 after acquiring an additional 3,000 shares in the last quarter. 62.61% of the stock is currently owned by hedge funds and other institutional investors.

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.