Bank of Nova Scotia Makes New Investment in Arrowhead Pharmaceuticals, Inc. $ARWR

Bank of Nova Scotia purchased a new stake in shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 135,960 shares of the biotechnology company’s stock, valued at approximately $8,525,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp raised its holdings in Arrowhead Pharmaceuticals by 2,569.6% in the fourth quarter. M&T Bank Corp now owns 240,634 shares of the biotechnology company’s stock valued at $15,976,000 after acquiring an additional 231,620 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Arrowhead Pharmaceuticals during the 4th quarter valued at approximately $2,375,000. Baader Bank Aktiengesellschaft bought a new position in Arrowhead Pharmaceuticals during the fourth quarter worth $912,000. SBI Okasan Asset Management Co.Ltd. bought a new position in Arrowhead Pharmaceuticals during the fourth quarter worth $2,541,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in Arrowhead Pharmaceuticals in the fourth quarter worth $2,820,000. 62.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Arrowhead Pharmaceuticals news, Director Hongbo Lu sold 2,970 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $76.88, for a total value of $228,333.60. Following the completion of the sale, the director owned 52,012 shares in the company, valued at $3,998,682.56. This represents a 5.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ARWR shares. JPMorgan Chase & Co. raised their price target on shares of Arrowhead Pharmaceuticals from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings lowered Arrowhead Pharmaceuticals from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Wednesday, May 20th. Royal Bank Of Canada upped their price objective on Arrowhead Pharmaceuticals from $80.00 to $87.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Chardan Capital upped their price objective on Arrowhead Pharmaceuticals from $90.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of Arrowhead Pharmaceuticals in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $93.83.

Arrowhead Pharmaceuticals Stock Performance

Shares of ARWR opened at $85.60 on Monday. The firm has a market capitalization of $12.06 billion, a PE ratio of -39.81 and a beta of 1.26. The company has a quick ratio of 6.23, a current ratio of 6.23 and a debt-to-equity ratio of 1.41. The firm has a 50-day moving average price of $77.94 and a 200 day moving average price of $70.02. Arrowhead Pharmaceuticals, Inc. has a 52-week low of $15.01 and a 52-week high of $95.49.

Arrowhead Pharmaceuticals (NASDAQ:ARWR) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.93) EPS for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. The company had revenue of $73.74 million for the quarter, compared to the consensus estimate of $73.84 million. Arrowhead Pharmaceuticals had a negative net margin of 48.38% and a negative return on equity of 55.09%. Arrowhead Pharmaceuticals’s revenue was down 86.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.75 EPS. On average, sell-side analysts anticipate that Arrowhead Pharmaceuticals, Inc. will post -3.08 earnings per share for the current fiscal year.

Arrowhead Pharmaceuticals Profile

Arrowhead Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Since its founding in 2008, Arrowhead has leveraged its proprietary delivery platform—known internally as the Advanced RNAi Compound (ARC) technology—to silence disease-causing genes in patients suffering from genetically defined diseases. The company’s approach aims to offer durable, targeted treatments across a range of therapeutic areas.

The company’s pipeline includes multiple candidates in various stages of development.