Corebridge Financial Inc. Sells 136,598 Shares of Arrowhead Pharmaceuticals, Inc. $ARWR

Key Points

• Corebridge Financial Inc. significantly reduced its stake in Arrowhead Pharmaceuticals by 68.6%, now holding 62,556 shares valued at $797,000.
• In the latest earnings report, Arrowhead posted an EPS of ($1.26), missing analysts' estimates, and reported revenue of $27.77 million, below expectations of $29.01 million.
• Brokerages have a mixed outlook for Arrowhead Pharmaceuticals, with price targets ranging from $17.00 to $80.00 and an average target price of $43.14.

Corebridge Financial Inc. cut its stake in shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) by 68.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,556 shares of the biotechnology company's stock after selling 136,598 shares during the period. Corebridge Financial Inc.'s holdings in Arrowhead Pharmaceuticals were worth $797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ARWR. GAMMA Investing LLC grew its position in Arrowhead Pharmaceuticals by 297.6% during the first quarter. GAMMA Investing LLC now owns 2,175 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 1,628 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Arrowhead Pharmaceuticals during the fourth quarter valued at approximately $49,000. CWM LLC grew its position in Arrowhead Pharmaceuticals by 134.3% during the first quarter. CWM LLC now owns 4,401 shares of the biotechnology company's stock valued at $56,000 after purchasing an additional 2,523 shares in the last quarter. KBC Group NV grew its position in Arrowhead Pharmaceuticals by 40.8% during the first quarter. KBC Group NV now owns 7,356 shares of the biotechnology company's stock valued at $94,000 after purchasing an additional 2,132 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Arrowhead Pharmaceuticals during the first quarter valued at approximately $133,000. 62.61% of the stock is owned by hedge funds and other institutional investors.

Arrowhead Pharmaceuticals Price Performance

ARWR stock remained flat at $29.72 during trading hours on Friday. 3,044,888 shares of the company's stock traded hands, compared to its average volume of 2,847,922. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.87 and a quick ratio of 4.87. The stock has a 50 day moving average of $19.99 and a 200 day moving average of $16.55. The stock has a market cap of $4.11 billion, a P/E ratio of -23.22 and a beta of 1.00. Arrowhead Pharmaceuticals, Inc. has a 12 month low of $9.57 and a 12 month high of $31.13.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.32). The company had revenue of $27.77 million for the quarter, compared to analyst estimates of $29.01 million. During the same period in the prior year, the company posted ($1.38) earnings per share. Sell-side analysts expect that Arrowhead Pharmaceuticals, Inc. will post -2.42 earnings per share for the current year.

Wall Street Analyst Weigh In

ARWR has been the topic of a number of research analyst reports. TD Cowen raised shares of Arrowhead Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 28th. Wall Street Zen downgraded shares of Arrowhead Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. B. Riley raised shares of Arrowhead Pharmaceuticals to a "strong-buy" rating in a research report on Monday, August 11th. Royal Bank Of Canada decreased their target price on shares of Arrowhead Pharmaceuticals from $40.00 to $38.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $43.14.

Insider Activity

In related news, insider James C. Hamilton sold 15,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $25.00, for a total transaction of $375,000.00. Following the completion of the sale, the insider directly owned 247,122 shares of the company's stock, valued at approximately $6,178,050. This represents a 5.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 25,000 shares of company stock worth $575,000. 4.30% of the stock is currently owned by corporate insiders.

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.