State of Alaska Department of Revenue Buys 980 Shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

State of Alaska Department of Revenue grew its stake in Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) by 7.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 14,417 shares of the biotechnology company’s stock after purchasing an additional 980 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arrowhead Pharmaceuticals were worth $279,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Arrowhead Pharmaceuticals by 16.2% in the 1st quarter. Vanguard Group Inc. now owns 12,404,050 shares of the biotechnology company’s stock valued at $354,756,000 after purchasing an additional 1,731,974 shares during the last quarter. Avoro Capital Advisors LLC lifted its stake in Arrowhead Pharmaceuticals by 3.9% in the 2nd quarter. Avoro Capital Advisors LLC now owns 8,888,888 shares of the biotechnology company’s stock valued at $231,022,000 after purchasing an additional 333,333 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Arrowhead Pharmaceuticals by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,085,069 shares of the biotechnology company’s stock valued at $28,201,000 after purchasing an additional 30,086 shares during the last quarter. Millennium Management LLC lifted its stake in Arrowhead Pharmaceuticals by 61.9% in the 2nd quarter. Millennium Management LLC now owns 529,251 shares of the biotechnology company’s stock valued at $13,755,000 after purchasing an additional 202,280 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Arrowhead Pharmaceuticals in the 2nd quarter valued at about $9,976,000. Institutional investors own 62.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ARWR. Piper Sandler reiterated an “overweight” rating and issued a $62.00 target price on shares of Arrowhead Pharmaceuticals in a research note on Tuesday, October 8th. Chardan Capital restated a “buy” rating and set a $60.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Wednesday, July 17th. HC Wainwright restated a “buy” rating and set a $60.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Friday, October 11th. Royal Bank of Canada restated an “outperform” rating and set a $42.00 price objective on shares of Arrowhead Pharmaceuticals in a report on Thursday, September 26th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arrowhead Pharmaceuticals in a report on Monday, September 9th. 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.33.

Arrowhead Pharmaceuticals Trading Up 2.3 %

Shares of ARWR stock opened at $21.89 on Friday. The stock has a market cap of $2.72 billion, a P/E ratio of -4.69 and a beta of 0.93. The stock has a 50 day simple moving average of $20.33 and a 200 day simple moving average of $23.48. Arrowhead Pharmaceuticals, Inc. has a 1 year low of $17.05 and a 1 year high of $39.83.

Arrowhead Pharmaceuticals (NASDAQ:ARWR) last issued its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.80). The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.96) earnings per share. Analysts forecast that Arrowhead Pharmaceuticals, Inc. will post -4.31 EPS for the current 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 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.