Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Gap Down After Earnings Miss

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR - Get Free Report)'s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $19.92, but opened at $18.23. Arrowhead Pharmaceuticals shares last traded at $19.18, with a volume of 183,105 shares trading hands.

The biotechnology company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.97).

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ARWR. Piper Sandler decreased their price target on shares of Arrowhead Pharmaceuticals from $62.00 to $45.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 27th. Citigroup reduced their price target on shares of Arrowhead Pharmaceuticals from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 27th. HC Wainwright restated a "buy" rating and issued a $80.00 price target on shares of Arrowhead Pharmaceuticals in a research report on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $42.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Tuesday. Finally, Sanford C. Bernstein dropped their price target on shares of Arrowhead Pharmaceuticals from $27.00 to $24.00 and set a "market perform" rating for the company in a research note on Friday, November 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Arrowhead Pharmaceuticals currently has an average rating of "Hold" and a consensus price target of $41.44.

Insider Activity at Arrowhead Pharmaceuticals

In other news, CEO Christopher Richard Anzalone sold 26,712 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.24, for a total value of $567,362.88. Following the completion of the transaction, the chief executive officer now owns 3,688,335 shares in the company, valued at $78,340,235.40. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James C. Hamilton sold 32,729 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $19.82, for a total transaction of $648,688.78. Following the transaction, the insider now owns 272,122 shares of the company's stock, valued at $5,393,458.04. The trade was a 10.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,432 shares of company stock worth $2,957,986. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Arrowhead Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARWR. Buffington Mohr McNeal bought a new stake in Arrowhead Pharmaceuticals during the third quarter worth $581,000. International Assets Investment Management LLC bought a new position in shares of Arrowhead Pharmaceuticals in the third quarter valued at about $14,420,000. Assenagon Asset Management S.A. raised its position in shares of Arrowhead Pharmaceuticals by 232.5% in the third quarter. Assenagon Asset Management S.A. now owns 293,083 shares of the biotechnology company's stock valued at $5,677,000 after purchasing an additional 204,933 shares during the period. Values First Advisors Inc. bought a new position in shares of Arrowhead Pharmaceuticals in the third quarter valued at about $52,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Arrowhead Pharmaceuticals by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,496 shares of the biotechnology company's stock valued at $88,000 after purchasing an additional 788 shares during the period. 62.61% of the stock is owned by institutional investors.

Arrowhead Pharmaceuticals Price Performance

The company has a market capitalization of $2.49 billion, a P/E ratio of -3.98 and a beta of 0.95. The company's 50-day moving average price is $20.08 and its two-hundred day moving average price is $21.22. The company has a debt-to-equity ratio of 2.06, a current ratio of 6.74 and a quick ratio of 6.74.

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.