Eventide Asset Management LLC acquired a new position in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 370,000 shares of the biotechnology company’s stock, valued at approximately $24,564,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARWR. Arrowstreet Capital Limited Partnership raised its position in Arrowhead Pharmaceuticals by 3,142.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,081,689 shares of the biotechnology company’s stock worth $71,797,000 after purchasing an additional 2,017,489 shares during the period. Norges Bank purchased a new stake in Arrowhead Pharmaceuticals in the 4th quarter worth about $113,159,000. Deerfield Management Company L.P. purchased a new stake in Arrowhead Pharmaceuticals in the 3rd quarter worth about $34,249,000. Balyasny Asset Management L.P. purchased a new stake in Arrowhead Pharmaceuticals in the 3rd quarter worth about $27,349,000. Finally, Pictet Asset Management Holding SA raised its position in Arrowhead Pharmaceuticals by 253.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,028,736 shares of the biotechnology company’s stock worth $68,636,000 after purchasing an additional 737,713 shares during the period. 62.61% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Weiss Ratings lowered shares of Arrowhead Pharmaceuticals from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and issued a $100.00 price objective on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, March 25th. Sanford C. Bernstein increased their price objective on shares of Arrowhead Pharmaceuticals from $35.00 to $46.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Wall Street Zen lowered shares of Arrowhead Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 30th. Finally, Royal Bank Of Canada increased their price objective on shares of Arrowhead Pharmaceuticals from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.80.
Arrowhead Pharmaceuticals Stock Performance
Shares of NASDAQ:ARWR opened at $74.52 on Friday. The firm has a market cap of $10.50 billion, a PE ratio of -34.66 and a beta of 1.28. The firm’s 50 day simple moving average is $72.46 and its 200-day simple moving average is $66.71. Arrowhead Pharmaceuticals, Inc. has a one year low of $14.30 and a one year high of $82.26. The company has a debt-to-equity ratio of 1.41, a quick ratio of 6.23 and a current ratio of 6.23.
Arrowhead Pharmaceuticals (NASDAQ:ARWR – Get Free Report) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.93) EPS for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. The business had revenue of $73.74 million for the quarter, compared to analyst estimates of $73.84 million. Arrowhead Pharmaceuticals had a negative net margin of 48.38% and a negative return on equity of 55.09%. The company’s quarterly revenue was down 86.4% compared to the same quarter last year. During the same period last year, the company posted $2.75 earnings per share. As a group, equities analysts predict that Arrowhead Pharmaceuticals, Inc. will post -3 EPS for the current year.
Insider Transactions at Arrowhead Pharmaceuticals
In other news, Director Hongbo Lu sold 2,970 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $76.88, for a total transaction of $228,333.60. Following the transaction, the director directly owned 52,012 shares of the company’s stock, valued at approximately $3,998,682.56. This trade represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Joseph Apel sold 13,095 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $71.35, for a total transaction of $934,328.25. Following the transaction, the chief financial officer directly owned 162,905 shares in the company, valued at approximately $11,623,271.75. This trade represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 26,065 shares of company stock valued at $1,912,662. 3.60% of the stock is currently owned by company insiders.
About Arrowhead Pharmaceuticals
Arrowhead Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Since its founding in 2008, Arrowhead has leveraged its proprietary delivery platform—known internally as the Advanced RNAi Compound (ARC) technology—to silence disease-causing genes in patients suffering from genetically defined diseases. The company’s approach aims to offer durable, targeted treatments across a range of therapeutic areas.
The company’s pipeline includes multiple candidates in various stages of development.
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