Arrowhead Pharmaceuticals (NASDAQ:ARWR) Stock Price Down 4.4% – Here’s Why

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) shares fell 4.4% on Friday . The stock traded as low as $20.77 and last traded at $20.57. 1,723,451 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 1,656,337 shares. The stock had previously closed at $21.53.

Analyst Upgrades and Downgrades

ARWR has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and issued a $42.00 target price on shares of Arrowhead Pharmaceuticals in a report on Thursday, September 26th. Sanford C. Bernstein lowered their price objective on Arrowhead Pharmaceuticals from $27.00 to $24.00 and set a “market perform” rating for the company in a research note on Friday, November 29th. 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 report on Wednesday, November 27th. Piper Sandler lowered their price target on Arrowhead Pharmaceuticals from $62.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Arrowhead Pharmaceuticals in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Arrowhead Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $43.33.

Arrowhead Pharmaceuticals Price Performance

The stock has a market capitalization of $2.58 billion, a PE ratio of -4.14 and a beta of 0.97. The stock’s 50 day moving average price is $20.69 and its 200-day moving average price is $22.07. The company has a quick ratio of 6.74, a current ratio of 6.74 and a debt-to-equity ratio of 2.06.

Insiders Place Their Bets

In other Arrowhead Pharmaceuticals news, CEO Christopher Richard Anzalone sold 11,520 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $19.05, for a total transaction of $219,456.00. Following the transaction, the chief executive officer now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Waddill sold 3,748 shares of the business’s stock in a transaction dated 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 owns 44,125 shares of the company’s stock, valued at approximately $966,337.50. This represents a 7.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,473 shares of company stock worth $2,937,847 in the last three months. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC boosted its position in Arrowhead Pharmaceuticals by 11.5% during the third quarter. HighTower Advisors LLC now owns 123,477 shares of the biotechnology company’s stock valued at $2,401,000 after purchasing an additional 12,706 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Arrowhead Pharmaceuticals in the 3rd quarter valued at about $659,000. Erste Asset Management GmbH bought a new stake in shares of Arrowhead Pharmaceuticals in the 3rd quarter valued at about $924,000. Millennium Management LLC grew its position in shares of Arrowhead Pharmaceuticals by 61.9% in the 2nd 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 during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Arrowhead Pharmaceuticals by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,964,119 shares of the biotechnology company’s stock worth $57,426,000 after purchasing an additional 26,171 shares in the last quarter. 62.61% of the stock is currently owned by hedge funds and other 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 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.