Assenagon Asset Management S.A. Sells 198,659 Shares of Arrowhead Pharmaceuticals, Inc. $ARWR

Key Points

• Assenagon Asset Management cut its Arrowhead Pharmaceuticals stake by 98.4%, selling 198,659 shares and retaining 3,268 shares valued at approximately $214,000.
• Other major institutions, including BlackRock, Jupiter Topco, Renaissance Technologies and Bank of New York Mellon, recently initiated positions; institutional investors collectively own 62.61% of ARWR.
• Analysts maintain a “Moderate Buy” consensus with a $99.07 average price target, despite Arrowhead reporting a quarterly EPS loss of $1.36 that missed estimates and shares opening at $58.02.

Assenagon Asset Management S.A. cut its holdings in shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) by 98.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,268 shares of the biotechnology company's stock after selling 198,659 shares during the period. Assenagon Asset Management S.A.'s holdings in Arrowhead Pharmaceuticals were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in Arrowhead Pharmaceuticals in the second quarter valued at approximately $1,208,838,000. Jupiter Topco LLC bought a new stake in shares of Arrowhead Pharmaceuticals in the 2nd quarter valued at about $99,623,000. Renaissance Technologies LLC bought a new stake in shares of Arrowhead Pharmaceuticals in the 1st quarter valued at $64,988,000. Bank of New York Mellon Corp bought a new stake in shares of Arrowhead Pharmaceuticals in the second quarter worth about $70,061,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Arrowhead Pharmaceuticals during the 2nd quarter worth approximately $50,990,000. Institutional investors own 62.61% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ARWR shares. Wall Street Zen upgraded shares of Arrowhead Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Morgan Stanley increased their target price on shares of Arrowhead Pharmaceuticals from $100.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. B. Riley Financial raised their target price on shares of Arrowhead Pharmaceuticals from $101.00 to $123.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Citigroup initiated coverage on shares of Arrowhead Pharmaceuticals in a research note on Tuesday, September 8th. They issued a "buy" rating and a $108.00 price target on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Arrowhead Pharmaceuticals in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Arrowhead Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $99.07.

Arrowhead Pharmaceuticals Price Performance

Shares of NASDAQ ARWR opened at $58.02 on Friday. The firm has a market cap of $8.17 billion, a P/E ratio of -25.79 and a beta of 1.29. The business's 50 day moving average is $72.62 and its 200-day moving average is $75.76. The company has a current ratio of 5.90, a quick ratio of 5.90 and a debt-to-equity ratio of 1.77. Arrowhead Pharmaceuticals, Inc. has a 1-year low of $36.88 and a 1-year high of $95.49.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported ($1.36) earnings per share for the quarter, missing analysts' consensus estimates of ($1.23) by ($0.13). The firm had revenue of $75.25 million for the quarter, compared to analyst estimates of $44.17 million. Arrowhead Pharmaceuticals had a negative return on equity of 60.06% and a negative net margin of 47.79%. The firm's quarterly revenue was up 171.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.26) EPS. Equities research analysts predict that Arrowhead Pharmaceuticals, Inc. will post -3.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Michael S. Perry sold 11,600 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $87.30, for a total transaction of $1,012,680.00. Following the completion of the sale, the director owned 111,459 shares of the company's stock, valued at $9,730,370.70. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Adeoye Y. Olukotun sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $86.96, for a total transaction of $173,920.00. Following the completion of the transaction, the director directly owned 31,600 shares in the company, valued at approximately $2,747,936. This represents a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.60% of the company's stock.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals, Inc is a biopharmaceutical company focused on developing medicines that silence disease-causing genes using RNA interference (RNAi). The company's proprietary Targeted RNAi Molecule (TRiM) platform is designed to deliver RNAi-based therapies to specific tissues and reduce the production of targeted proteins.

Arrowhead's research and development programs address a range of conditions, including cardiometabolic, pulmonary, liver, and central nervous system diseases.

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