141,162 Shares in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) Bought by Pinnacle Associates Ltd.

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 first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 141,162 shares of the biotechnology company's stock, valued at approximately $1,798,000. Pinnacle Associates Ltd. owned 0.10% of Arrowhead Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ARWR. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Arrowhead Pharmaceuticals in the first quarter worth approximately $174,000. Victory Capital Management Inc. increased its holdings in Arrowhead Pharmaceuticals by 99.2% in the first quarter. Victory Capital Management Inc. now owns 45,283 shares of the biotechnology company's stock worth $577,000 after buying an additional 22,546 shares during the last quarter. Edgestream Partners L.P. increased its holdings in Arrowhead Pharmaceuticals by 153.7% in the first quarter. Edgestream Partners L.P. now owns 305,507 shares of the biotechnology company's stock worth $3,892,000 after buying an additional 185,096 shares during the last quarter. CWM LLC increased its holdings in Arrowhead Pharmaceuticals by 134.3% in the first quarter. CWM LLC now owns 4,401 shares of the biotechnology company's stock worth $56,000 after buying an additional 2,523 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Arrowhead Pharmaceuticals by 72.2% in the first quarter. Louisiana State Employees Retirement System now owns 59,400 shares of the biotechnology company's stock worth $757,000 after buying an additional 24,900 shares during the last quarter. Institutional investors and hedge funds own 62.61% of the company's stock.

Wall Street Analyst Weigh In

ARWR has been the topic of a number of research reports. Wall Street Zen downgraded Arrowhead Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Friday, July 18th. TD Cowen raised Arrowhead Pharmaceuticals to a "strong-buy" rating in a research report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $80.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Tuesday, May 20th. Citigroup decreased their target price on Arrowhead Pharmaceuticals from $21.00 to $17.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $60.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $43.71.

Arrowhead Pharmaceuticals Stock Performance

Shares of ARWR traded down $0.22 during mid-day trading on Wednesday, hitting $15.70. The company's stock had a trading volume of 1,547,730 shares, compared to its average volume of 2,030,178. Arrowhead Pharmaceuticals, Inc. has a one year low of $9.57 and a one year high of $29.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.15 and a current ratio of 5.15. The firm has a market capitalization of $2.17 billion, a PE ratio of -11.21, a price-to-earnings-growth ratio of 18.72 and a beta of 0.93. The stock's 50-day moving average is $16.40 and its two-hundred day moving average is $16.13.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The biotechnology company reported $2.75 earnings per share 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 the consensus estimate of $116.27 million. During the same period in the prior year, the company posted ($1.02) earnings per share. As a group, sell-side analysts anticipate that Arrowhead Pharmaceuticals, Inc. will post -2.42 EPS for the current 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.