Arrowhead Pharmaceuticals (NASDAQ:ARWR) Coverage Initiated by Analysts at Citigroup

Analysts at Citigroup initiated coverage on shares of Arrowhead Pharmaceuticals (NASDAQ:ARWR) in a research report issued on Tuesday, Stock Target Advisor reports. The brokerage set a “neutral” rating and a $33.00 price target on the biotechnology company’s stock. Citigroup’s target price indicates a potential upside of 17.31% from the stock’s previous close.

Several other equities analysts have also recently commented on ARWR. B. Riley restated a “buy” rating and issued a $55.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Thursday, July 20th. TD Cowen assumed coverage on shares of Arrowhead Pharmaceuticals in a report on Friday, July 21st. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $90.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, August 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 target price on shares of Arrowhead Pharmaceuticals in a report on Tuesday, August 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $47.00 price target (down previously from $79.00) on shares of Arrowhead Pharmaceuticals in a research note on Tuesday, August 8th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.53.

Arrowhead Pharmaceuticals Price Performance

ARWR stock opened at $28.13 on Tuesday. The business has a 50-day moving average of $30.88 and a 200-day moving average of $31.92. Arrowhead Pharmaceuticals has a fifty-two week low of $23.09 and a fifty-two week high of $42.48. The stock has a market capitalization of $3.02 billion, a P/E ratio of -16.45 and a beta of 1.00.

Arrowhead Pharmaceuticals (NASDAQ:ARWR) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.38). The company had revenue of $15.83 million for the quarter, compared to the consensus estimate of $45.42 million. Arrowhead Pharmaceuticals had a negative return on equity of 42.79% and a negative net margin of 69.38%. The company’s revenue for the quarter was down 51.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.68) EPS. Equities analysts expect that Arrowhead Pharmaceuticals will post -1.67 EPS for the current year.

Insider Activity

In related news, CFO Kenneth Allen Myszkowski sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $36.20, for a total value of $543,000.00. Following the completion of the transaction, the chief financial officer now directly owns 381,704 shares in the company, valued at $13,817,684.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Arrowhead Pharmaceuticals news, CFO Kenneth Allen Myszkowski sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $36.20, for a total value of $543,000.00. Following the completion of the sale, the chief financial officer now owns 381,704 shares of the company’s stock, valued at $13,817,684.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James C. Hamilton sold 3,000 shares of Arrowhead Pharmaceuticals stock in a transaction on Friday, June 30th. The stock was sold at an average price of $35.53, for a total transaction of $106,590.00. Following the completion of the transaction, the insider now owns 188,484 shares in the company, valued at approximately $6,696,836.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,925 shares of company stock worth $964,732. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arrowhead Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Arrowhead Pharmaceuticals during the fourth quarter valued at $60,235,000. State Street Corp boosted its stake in Arrowhead Pharmaceuticals by 19.2% during the second quarter. State Street Corp now owns 5,582,746 shares of the biotechnology company’s stock worth $196,568,000 after acquiring an additional 900,791 shares in the last quarter. Nomura Holdings Inc. grew its holdings in Arrowhead Pharmaceuticals by 4,031.7% in the fourth quarter. Nomura Holdings Inc. now owns 649,548 shares of the biotechnology company’s stock worth $26,302,000 after purchasing an additional 633,827 shares during the period. Driehaus Capital Management LLC bought a new position in shares of Arrowhead Pharmaceuticals during the second quarter valued at approximately $18,103,000. Finally, Millennium Management LLC lifted its holdings in shares of Arrowhead Pharmaceuticals by 631.3% during the fourth quarter. Millennium Management LLC now owns 575,624 shares of the biotechnology company’s stock valued at $23,347,000 after purchasing an additional 496,910 shares during the last quarter. 65.98% of the stock is currently owned by institutional investors.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals, Inc develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in phase II clinical trial for the treatment of liver diseases associated with alpha-1 antitrypsin deficiency; ARO-APOC3, which is in phase 2b and one phase 3 clinical trial to treat hypertriglyceridemia; ARO-ANG3 that is in phase 2b clinical trial for the treatment of dyslipidemia; ARO-HSD, which is completed phase 1/2 clinical trial to treat liver diseases; ARO-ENaC2, which is in pre-clinical stage for the treatment of dyslipidemia cystic fibrosis; ARO-C3 that is in phase 1/2a clinical trial to reduce production of complement component 3; ARO-DUX4, which is in pre-clinical stage for the treatment of facioscapulohumeral muscular dystrophy; ARO-XDH that is in phase 1 clinical trial to treat uncontrolled gout; ARO-COV, which is in pre-clinical stage for the treatment of COVID-19; ARO-RAGE, which is in phase 1/2a clinical trial to treat muco-obstructive or inflammatory pulmonary conditions; and ARO-MMP7 that is in phase 1/2a clinical trial for treatment of idiopathic pulmonary fibrosis.