Millennium Management LLC Boosts Stake in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

Millennium Management LLC lifted its holdings in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) by 41.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 914,550 shares of the biotechnology company's stock after purchasing an additional 268,946 shares during the quarter. Millennium Management LLC owned 0.73% of Arrowhead Pharmaceuticals worth $17,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. R Squared Ltd purchased a new position in shares of Arrowhead Pharmaceuticals in the fourth quarter worth $38,000. Van ECK Associates Corp raised its stake in shares of Arrowhead Pharmaceuticals by 72.3% in the fourth quarter. Van ECK Associates Corp now owns 2,978 shares of the biotechnology company's stock worth $56,000 after purchasing an additional 1,250 shares during the last quarter. KBC Group NV raised its stake in shares of Arrowhead Pharmaceuticals by 45.9% in the fourth quarter. KBC Group NV now owns 5,224 shares of the biotechnology company's stock worth $98,000 after purchasing an additional 1,644 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Arrowhead Pharmaceuticals in the fourth quarter worth $190,000. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Arrowhead Pharmaceuticals in the fourth quarter worth $205,000. Hedge funds and other institutional investors own 62.61% of the company's stock.

Analyst Upgrades and Downgrades

ARWR has been the subject of several recent analyst reports. Citigroup decreased their price target on Arrowhead Pharmaceuticals from $21.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. B. Riley reaffirmed a "buy" rating and issued a $38.00 price objective (down previously from $51.00) on shares of Arrowhead Pharmaceuticals in a report on Friday, February 14th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $42.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Tuesday, February 11th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Tuesday. Finally, StockNews.com raised Arrowhead Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.13.

Arrowhead Pharmaceuticals Stock Performance

Shares of ARWR opened at $15.31 on Thursday. The company has a quick ratio of 6.09, a current ratio of 6.09 and a debt-to-equity ratio of 7.27. The business has a 50-day simple moving average of $13.33 and a two-hundred day simple moving average of $17.73. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -2.96 and a beta of 0.89. Arrowhead Pharmaceuticals, Inc. has a 52 week low of $9.57 and a 52 week high of $30.41.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The biotechnology company reported $2.75 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $2.81. The company had revenue of $542.71 million during the quarter, compared to analysts' expectations of $116.27 million. During the same quarter in the previous year, the company earned ($1.02) EPS. On average, analysts expect that Arrowhead Pharmaceuticals, Inc. will post -2.42 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Christopher Richard Anzalone sold 51,425 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $15.07, for a total value of $774,974.75. Following the completion of the transaction, the chief executive officer now owns 4,062,377 shares of the company's stock, valued at $61,220,021.39. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 275,880 shares of company stock worth $4,034,037 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

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.

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