State of Michigan Retirement System Invests $2.11 Million in Arrowhead Pharmaceuticals, Inc. $ARWR

Key Points

• The State of Michigan Retirement System opened a new position in Arrowhead Pharmaceuticals in the first quarter, buying 33,700 shares worth about $2.11 million.
• Arrowhead reported a quarterly loss of $0.93 per share, beating analyst expectations, while revenue came in roughly in line at $73.74 million; the company also still faces negative margins and a full-year loss estimate.
• Analyst sentiment remains fairly positive, with several firms raising price targets and the stock carrying a Moderate Buy consensus and average target price of $88.75.

State of Michigan Retirement System purchased a new position in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 33,700 shares of the biotechnology company's stock, valued at approximately $2,113,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Tsfg LLC purchased a new stake in Arrowhead Pharmaceuticals during the 4th quarter worth approximately $25,000. iSAM Funds UK Ltd purchased a new position in shares of Arrowhead Pharmaceuticals during the 3rd quarter valued at approximately $29,000. First Horizon Corp purchased a new position in shares of Arrowhead Pharmaceuticals during the 4th quarter valued at approximately $32,000. WPG Advisers LLC grew its position in shares of Arrowhead Pharmaceuticals by 384.8% during the fourth quarter. WPG Advisers LLC now owns 543 shares of the biotechnology company's stock worth $36,000 after buying an additional 431 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its position in shares of Arrowhead Pharmaceuticals by 177.1% during the fourth quarter. Hantz Financial Services Inc. now owns 737 shares of the biotechnology company's stock worth $49,000 after buying an additional 471 shares in the last quarter. Hedge funds and other institutional investors own 62.61% of the company's stock.

Arrowhead Pharmaceuticals Stock Performance

ARWR stock opened at $74.30 on Friday. The company has a current ratio of 6.23, a quick ratio of 6.23 and a debt-to-equity ratio of 1.41. The firm has a market cap of $10.47 billion, a P/E ratio of -34.56 and a beta of 1.26. Arrowhead Pharmaceuticals, Inc. has a 12-month low of $14.30 and a 12-month high of $87.83. The stock's 50 day simple moving average is $77.62 and its 200 day simple moving average is $69.48.

Arrowhead Pharmaceuticals (NASDAQ:ARWR - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.93) EPS for the quarter, topping analysts' consensus estimates of ($1.10) by $0.17. Arrowhead Pharmaceuticals had a negative net margin of 48.38% and a negative return on equity of 55.09%. The firm had revenue of $73.74 million during the quarter, compared to the consensus estimate of $73.84 million. During the same quarter in the previous year, the company posted $2.75 earnings per share. The firm's revenue was down 86.4% on a year-over-year basis. As a group, equities research analysts predict that Arrowhead Pharmaceuticals, Inc. will post -3.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ARWR. Morgan Stanley raised shares of Arrowhead Pharmaceuticals from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $78.00 to $100.00 in a report on Tuesday, April 21st. JPMorgan Chase & Co. raised their price objective on shares of Arrowhead Pharmaceuticals from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Friday. Chardan Capital reissued a "buy" rating and issued a $90.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Tuesday, June 30th. HC Wainwright restated a "buy" rating and issued a $100.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Wednesday, July 1st. Finally, Sanford C. Bernstein increased 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. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.75.

Insider Activity

In related news, CFO Daniel Joseph Apel sold 13,095 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $71.35, for a total transaction of $934,328.25. Following the completion of the sale, the chief financial officer owned 162,905 shares of the company's stock, valued at $11,623,271.75. This represents a 7.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Hongbo Lu sold 2,970 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $76.88, for a total transaction of $228,333.60. Following the sale, the director directly owned 52,012 shares of the company's stock, valued at approximately $3,998,682.56. This represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 26,065 shares of company stock valued at $1,912,662. Company insiders own 3.60% of the company's stock.

About Arrowhead Pharmaceuticals

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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