Bank of Nova Scotia Acquires New Shares in Arrowhead Pharmaceuticals, Inc. $ARWR

Key Points

• Bank of Nova Scotia acquired 133,805 shares of Arrowhead Pharmaceuticals worth approximately $10.9 million, giving it about a 0.09% stake. Institutional investors collectively own 62.61% of the company.
• Arrowhead directors Michael S. Perry and Adeoye Y. Olukotun sold a combined 13,600 shares for roughly $1.19 million. Corporate insiders now own 3.60% of the stock.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $97.33 versus the stock’s $86.73 opening price. However, the company missed quarterly EPS estimates despite reporting 171% year-over-year revenue growth.

Bank of Nova Scotia bought a new stake in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 133,805 shares of the biotechnology company's stock, valued at approximately $10,906,000. Bank of Nova Scotia owned about 0.09% of Arrowhead Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in Arrowhead Pharmaceuticals by 243.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 201,927 shares of the biotechnology company's stock worth $16,459,000 after acquiring an additional 143,192 shares during the last quarter. Siren L.L.C. increased its stake in shares of Arrowhead Pharmaceuticals by 7.7% in the first quarter. Siren L.L.C. now owns 1,615,476 shares of the biotechnology company's stock valued at $101,290,000 after buying an additional 115,000 shares during the period. Kornitzer Capital Management Inc. KS bought a new position in shares of Arrowhead Pharmaceuticals during the fourth quarter worth about $2,375,000. Baader Bank Aktiengesellschaft bought a new position in shares of Arrowhead Pharmaceuticals during the fourth quarter worth about $912,000. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Arrowhead Pharmaceuticals in the fourth quarter worth approximately $2,541,000. Institutional investors own 62.61% of the company's stock.

Insider Activity at Arrowhead Pharmaceuticals

In other news, Director Michael S. Perry sold 11,600 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $87.30, for a total transaction of $1,012,680.00. Following the transaction, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Adeoye Y. Olukotun sold 2,000 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $86.96, for a total value of $173,920.00. Following the completion of the transaction, the director 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. 3.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Sanford C. Bernstein boosted their price target 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. Piper Sandler reissued an "overweight" rating and set a $126.00 target price (up from $110.00) on shares of Arrowhead Pharmaceuticals in a research note on Thursday, July 23rd. B. Riley Financial boosted their target price on shares of Arrowhead Pharmaceuticals from $101.00 to $123.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Royal Bank Of Canada upped their price target on shares of Arrowhead Pharmaceuticals from $80.00 to $87.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. Finally, Chardan Capital increased their price target on Arrowhead Pharmaceuticals from $90.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $97.33.

Arrowhead Pharmaceuticals Price Performance

Shares of NASDAQ ARWR opened at $86.73 on Tuesday. The firm's 50-day moving average price is $83.04 and its 200-day moving average price is $72.97. Arrowhead Pharmaceuticals, Inc. has a 1-year low of $20.44 and a 1-year high of $95.49. The firm has a market capitalization of $12.22 billion, a P/E ratio of -38.55 and a beta of 1.27. 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 (NASDAQ:ARWR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.23) by ($0.13). Arrowhead Pharmaceuticals had a negative return on equity of 60.06% and a negative net margin of 47.79%.The company had revenue of $75.25 million for the quarter, compared to the consensus estimate of $44.17 million. During the same period last year, the company earned ($1.26) EPS. Arrowhead Pharmaceuticals's revenue for the quarter was up 171.0% compared to the same quarter last year. Equities research analysts anticipate that Arrowhead Pharmaceuticals, Inc. will post -3.51 earnings per share for the current fiscal year.

Arrowhead Pharmaceuticals Profile

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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