Bank of New York Mellon Corp Trims Position in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

Bank of New York Mellon Corp lessened its stake in shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) by 0.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,035,064 shares of the biotechnology company’s stock after selling 4,929 shares during the quarter. Bank of New York Mellon Corp owned about 0.97% of Arrowhead Pharmaceuticals worth $36,910,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. North Star Investment Management Corp. purchased a new position in Arrowhead Pharmaceuticals during the 2nd quarter valued at about $29,000. KBC Group NV bought a new stake in shares of Arrowhead Pharmaceuticals during the 2nd quarter valued at about $32,000. Advisors Asset Management Inc. boosted its position in shares of Arrowhead Pharmaceuticals by 94.6% during the 1st quarter. Advisors Asset Management Inc. now owns 720 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 350 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Arrowhead Pharmaceuticals by 36.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,467 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 390 shares during the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Arrowhead Pharmaceuticals by 22.4% during the 2nd quarter. Captrust Financial Advisors now owns 1,201 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 65.98% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ARWR. B. Riley reiterated a “buy” rating and set a $55.00 price target on shares of Arrowhead Pharmaceuticals in a research report on Thursday, July 20th. StockNews.com downgraded Arrowhead Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday. Citigroup initiated coverage on Arrowhead Pharmaceuticals in a research report on Tuesday, September 19th. They set a “neutral” rating and a $33.00 price target for the company. TD Cowen initiated coverage on Arrowhead Pharmaceuticals in a research report on Friday, July 21st. They issued an “outperform” rating for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $60.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Arrowhead Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $54.53.

Insider Activity

In other news, CEO Christopher Richard Anzalone sold 57,755 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $28.12, for a total transaction of $1,624,070.60. Following the transaction, the chief executive officer now directly owns 3,761,338 shares of the company’s stock, valued at $105,768,824.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Victoria Vakiener sold 1,550 shares of the company’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $26.33, for a total value of $40,811.50. Following the sale, the director now directly owns 21,734 shares of the company’s stock, valued at $572,256.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Christopher Richard Anzalone sold 57,755 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $28.12, for a total value of $1,624,070.60. Following the completion of the sale, the chief executive officer now directly owns 3,761,338 shares in the company, valued at $105,768,824.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,643 shares of company stock valued at $2,254,105. Company insiders own 5.00% of the company’s stock.

Arrowhead Pharmaceuticals Stock Performance

ARWR opened at $27.09 on Thursday. Arrowhead Pharmaceuticals, Inc. has a 52-week low of $22.87 and a 52-week high of $42.48. The stock has a market capitalization of $2.90 billion, a PE ratio of -15.84 and a beta of 0.89. The stock’s 50 day moving average price is $26.70 and its 200-day moving average price is $31.61.

Arrowhead Pharmaceuticals (NASDAQ:ARWR) last posted its earnings results on Monday, August 7th. The biotechnology company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.38). Arrowhead Pharmaceuticals had a negative net margin of 69.38% and a negative return on equity of 42.79%. The business had revenue of $15.83 million for the quarter, compared to analysts’ expectations of $45.42 million. During the same period last year, the firm posted ($0.68) earnings per share. Arrowhead Pharmaceuticals’s quarterly revenue was down 51.2% on a year-over-year basis. Research analysts forecast that Arrowhead Pharmaceuticals, Inc. will post -1.67 EPS for the current fiscal year.

Arrowhead Pharmaceuticals Profile

Arrowhead Pharmaceuticals, Inc develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in phase II clinical trial for the treatment of liver diseases associated with alpha-1 antitrypsin deficiency; ARO-APOC3, which is in phase 2b and one phase 3 clinical trial to treat hypertriglyceridemia; ARO-ANG3 that is in phase 2b clinical trial for the treatment of dyslipidemia; ARO-HSD, which is completed phase 1/2 clinical trial to treat liver diseases; ARO-ENaC2, which is in pre-clinical stage for the treatment of dyslipidemia cystic fibrosis; ARO-C3 that is in phase 1/2a clinical trial to reduce production of complement component 3; ARO-DUX4, which is in pre-clinical stage for the treatment of facioscapulohumeral muscular dystrophy; ARO-XDH that is in phase 1 clinical trial to treat uncontrolled gout; ARO-COV, which is in pre-clinical stage for the treatment of COVID-19; ARO-RAGE, which is in phase 1/2a clinical trial to treat muco-obstructive or inflammatory pulmonary conditions; and ARO-MMP7 that is in phase 1/2a clinical trial for treatment of idiopathic pulmonary fibrosis.