Pinnacle Associates Ltd. Takes Position in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

Key Points

• Pinnacle Associates Ltd. has acquired a new stake in Arrowhead Pharmaceuticals, purchasing 141,162 shares valued at approximately $1.8 million, equating to about 0.10% ownership of the company.
• Analyst ratings are mixed for Arrowhead Pharmaceuticals, with HC Wainwright maintaining a "buy" rating and a price target of $80, while Citigroup has reduced its target from $21 to $17, now rating it as "neutral."
• Arrowhead Pharmaceuticals recently reported a significant earnings surprise, with EPS of $2.75 for the quarter, greatly exceeding the consensus estimate of a loss of $0.06.

Pinnacle Associates Ltd. bought a new stake in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 141,162 shares of the biotechnology company's stock, valued at approximately $1,798,000. Pinnacle Associates Ltd. owned approximately 0.10% of Arrowhead Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ARWR. Raymond James Financial Inc. purchased a new stake in shares of Arrowhead Pharmaceuticals in the fourth quarter valued at about $651,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Arrowhead Pharmaceuticals in the fourth quarter valued at about $190,000. Teacher Retirement System of Texas boosted its holdings in shares of Arrowhead Pharmaceuticals by 18.3% in the fourth quarter. Teacher Retirement System of Texas now owns 33,154 shares of the biotechnology company's stock valued at $623,000 after acquiring an additional 5,118 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Arrowhead Pharmaceuticals in the fourth quarter valued at about $434,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Arrowhead Pharmaceuticals in the fourth quarter valued at about $233,000. Hedge funds and other institutional investors own 62.61% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ARWR. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price on shares of Arrowhead Pharmaceuticals in a report on Tuesday, May 20th. Citigroup reduced their price objective on shares of Arrowhead Pharmaceuticals from $21.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Wall Street Zen cut shares of Arrowhead Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Chardan Capital reiterated a "buy" rating and issued a $60.00 price objective on shares of Arrowhead Pharmaceuticals in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.71.

Arrowhead Pharmaceuticals Stock Down 3.2%

Shares of NASDAQ ARWR opened at $15.74 on Friday. Arrowhead Pharmaceuticals, Inc. has a 52 week low of $9.57 and a 52 week high of $29.59. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -11.24, a price-to-earnings-growth ratio of 18.51 and a beta of 0.93. The company has a quick ratio of 5.15, a current ratio of 5.15 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $16.39 and a 200 day moving average price of $16.20.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The biotechnology company reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $2.81. The business had revenue of $542.71 million during the quarter, compared to analysts' expectations of $116.27 million. During the same period last year, the company earned ($1.02) EPS. Equities research analysts anticipate that Arrowhead Pharmaceuticals, Inc. will post -2.42 EPS for the current fiscal year.

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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