Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Down 6.5% Following Weak Earnings

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Get Free Report)'s share price fell 6.5% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $23.11 and last traded at $23.11. 190,341 shares traded hands during trading, a decline of 86% from the average session volume of 1,373,323 shares. The stock had previously closed at $24.72.

The biotechnology company reported ($1.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.96). Arrowhead Pharmaceuticals had a negative return on equity of 90.77% and a negative net margin of 163.32%. During the same quarter last year, the firm earned $0.45 EPS. Arrowhead Pharmaceuticals's quarterly revenue was down 100.0% on a year-over-year basis.

Analysts Set New Price Targets

A number of research firms recently weighed in on ARWR. Chardan Capital reiterated a "buy" rating and issued a $60.00 price target on shares of Arrowhead Pharmaceuticals in a research report on Friday. Royal Bank of Canada restated an "outperform" rating and set a $50.00 price objective on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, February 7th. Morgan Stanley increased their target price on shares of Arrowhead Pharmaceuticals from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 7th. Citigroup boosted their price target on shares of Arrowhead Pharmaceuticals from $33.00 to $34.00 and gave the company a "neutral" rating in a report on Wednesday, February 7th. Finally, HC Wainwright reissued a "buy" rating and set a $90.00 price objective on shares of Arrowhead Pharmaceuticals in a research report on Thursday, February 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $50.80.

Insider Buying and Selling

In other Arrowhead Pharmaceuticals news, CFO Kenneth Allen Myszkowski sold 40,000 shares of the business's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $35.19, for a total value of $1,407,600.00. Following the transaction, the chief financial officer now directly owns 400,600 shares in the company, valued at $14,097,114. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Victoria Vakiener sold 1,799 shares of the firm's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $23.31, for a total value of $41,934.69. Following the completion of the sale, the director now directly owns 30,205 shares in the company, valued at approximately $704,078.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kenneth Allen Myszkowski sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $35.19, for a total transaction of $1,407,600.00. Following the sale, the chief financial officer now owns 400,600 shares of the company's stock, valued at $14,097,114. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arrowhead Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Arrowhead Pharmaceuticals by 16.2% during the 1st quarter. Vanguard Group Inc. now owns 12,404,050 shares of the biotechnology company's stock valued at $354,756,000 after purchasing an additional 1,731,974 shares during the last quarter. FMR LLC increased its holdings in shares of Arrowhead Pharmaceuticals by 58.2% in the 3rd quarter. FMR LLC now owns 4,308,903 shares of the biotechnology company's stock worth $115,780,000 after purchasing an additional 1,584,425 shares in the last quarter. Norges Bank purchased a new stake in Arrowhead Pharmaceuticals during the 4th quarter valued at $40,451,000. Goldman Sachs Group Inc. increased its stake in shares of Arrowhead Pharmaceuticals by 136.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,061,967 shares of the biotechnology company's stock worth $32,496,000 after purchasing an additional 613,067 shares in the last quarter. Finally, Avoro Capital Advisors LLC increased its stake in shares of Arrowhead Pharmaceuticals by 100.0% in the 4th quarter. Avoro Capital Advisors LLC now owns 1,130,000 shares of the biotechnology company's stock worth $34,578,000 after purchasing an additional 565,000 shares in the last quarter. 62.61% of the stock is owned by institutional investors.

Arrowhead Pharmaceuticals Stock Down 10.7 %

The firm has a market capitalization of $2.74 billion, a P/E ratio of -7.94 and a beta of 0.78. The stock has a fifty day simple moving average of $26.50 and a 200 day simple moving average of $28.67.

Arrowhead Pharmaceuticals Company Profile

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.