Arrowhead Pharmaceuticals (NASDAQ:ARWR) Stock Price Down 6.3% – Here’s What Happened

Shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) dropped 6.3% during trading on Friday . The company traded as low as $20.03 and last traded at $20.06. Approximately 121,572 shares traded hands during trading, a decline of 90% from the average daily volume of 1,193,663 shares. The stock had previously closed at $21.41.

Analysts Set New Price Targets

ARWR has been the subject of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $42.00 price objective on shares of Arrowhead Pharmaceuticals in a research report on Thursday, September 26th. B. Riley reissued a “buy” rating and set a $55.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Monday, August 12th. StockNews.com upgraded shares of Arrowhead Pharmaceuticals to a “sell” rating in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arrowhead Pharmaceuticals in a research note on Monday, September 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Arrowhead Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Arrowhead Pharmaceuticals Trading Down 11.5 %

The company’s 50 day moving average price is $20.19 and its 200 day moving average price is $23.45. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -4.30 and a beta of 0.93.

Institutional Investors Weigh In On Arrowhead Pharmaceuticals

Several institutional investors have recently modified their holdings of ARWR. Fifth Third Bancorp lifted its position in shares of Arrowhead Pharmaceuticals by 42.5% in the second quarter. Fifth Third Bancorp now owns 1,186 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 354 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Arrowhead Pharmaceuticals by 7,696.8% during the 1st quarter. Headlands Technologies LLC now owns 2,417 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 2,386 shares during the period. Values First Advisors Inc. purchased a new position in shares of Arrowhead Pharmaceuticals in the 3rd quarter valued at $52,000. Meeder Asset Management Inc. lifted its stake in shares of Arrowhead Pharmaceuticals by 4,629.2% during the second quarter. Meeder Asset Management Inc. now owns 3,405 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 3,333 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in Arrowhead Pharmaceuticals in the 2nd quarter worth approximately $96,000. Hedge funds and other institutional investors own 62.61% of the company’s stock.

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.