State Street Corp Purchases 516,569 Shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR)

State Street Corp increased its position in shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) by 8.8% in the third quarter, HoldingsChannel reports. The firm owned 6,354,331 shares of the biotechnology company’s stock after purchasing an additional 516,569 shares during the period. State Street Corp owned approximately 0.05% of Arrowhead Pharmaceuticals worth $123,083,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its stake in shares of Arrowhead Pharmaceuticals by 11.5% in the third quarter. HighTower Advisors LLC now owns 123,477 shares of the biotechnology company’s stock valued at $2,401,000 after acquiring an additional 12,706 shares during the last quarter. Avoro Capital Advisors LLC boosted its stake in Arrowhead Pharmaceuticals by 3.9% in the second quarter. Avoro Capital Advisors LLC now owns 8,888,888 shares of the biotechnology company’s stock worth $231,022,000 after purchasing an additional 333,333 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Arrowhead Pharmaceuticals in the third quarter valued at about $659,000. Erste Asset Management GmbH bought a new position in shares of Arrowhead Pharmaceuticals in the third quarter valued at about $924,000. Finally, Millennium Management LLC lifted its position in Arrowhead Pharmaceuticals by 61.9% during the 2nd quarter. Millennium Management LLC now owns 529,251 shares of the biotechnology company’s stock worth $13,755,000 after buying an additional 202,280 shares in the last quarter. 62.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ARWR shares. Royal Bank of Canada reissued an “outperform” rating and issued a $42.00 price target on shares of Arrowhead Pharmaceuticals in a report on Thursday, September 26th. HC Wainwright upped their price target on Arrowhead Pharmaceuticals from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arrowhead Pharmaceuticals in a research report on Monday, September 9th. Citigroup cut their target price on shares of Arrowhead Pharmaceuticals from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Finally, Sanford C. Bernstein lowered their price target on shares of Arrowhead Pharmaceuticals from $27.00 to $24.00 and set a “market perform” rating for the company in a research report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

Arrowhead Pharmaceuticals Stock Performance

Shares of Arrowhead Pharmaceuticals stock opened at $21.85 on Friday. Arrowhead Pharmaceuticals, Inc. has a 12 month low of $17.05 and a 12 month high of $39.83. The company has a current ratio of 6.74, a quick ratio of 6.74 and a debt-to-equity ratio of 2.06. The company has a market capitalization of $2.72 billion, a PE ratio of -4.35 and a beta of 0.91. The stock’s fifty day simple moving average is $20.98 and its 200 day simple moving average is $23.14.

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.