Arrowhead Pharmaceuticals (NASDAQ:ARWR) Shares Gap Up – Here’s What Happened

Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $21.05, but opened at $22.30. Arrowhead Pharmaceuticals shares last traded at $22.30, with a volume of 21,374 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ARWR. Chardan Capital reiterated a “buy” rating and issued a $60.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arrowhead Pharmaceuticals in a research report on Monday, September 9th. HC Wainwright restated a “buy” rating and set a $60.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, November 20th. Piper Sandler reduced their price target on Arrowhead Pharmaceuticals from $62.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, B. Riley reiterated a “buy” rating and set a $55.00 price target on shares of Arrowhead Pharmaceuticals in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.56.

Arrowhead Pharmaceuticals Price Performance

The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -5.06 and a beta of 0.93. The business has a fifty day simple moving average of $19.85 and a 200 day simple moving average of $23.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARWR. CANADA LIFE ASSURANCE Co grew its holdings in shares of Arrowhead Pharmaceuticals by 9.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 90,571 shares of the biotechnology company’s stock worth $2,589,000 after buying an additional 8,065 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Arrowhead Pharmaceuticals by 17.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,136 shares of the biotechnology company’s stock valued at $2,035,000 after acquiring an additional 10,568 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in Arrowhead Pharmaceuticals by 49.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 150,198 shares of the biotechnology company’s stock valued at $4,296,000 after acquiring an additional 49,972 shares during the last quarter. Bayesian Capital Management LP purchased a new position in Arrowhead Pharmaceuticals in the 1st quarter worth approximately $724,000. Finally, Janus Henderson Group PLC lifted its stake in Arrowhead Pharmaceuticals by 21.3% in the 1st quarter. Janus Henderson Group PLC now owns 57,449 shares of the biotechnology company’s stock worth $1,641,000 after purchasing an additional 10,082 shares in the last quarter. Hedge funds and other institutional investors own 62.61% of the company’s stock.

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.