Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) announced financial results for its fiscal 2016 third quarter ended June 30, 2016.
Fiscal 2016 Third Quarter and Recent Company Highlights
- Today priced an at-the-market private offering of $45 million of common stock
- Presented promising ARC-520 hepatitis B data at The International Liver Congress™ 2016
- Expanded the MONARCH study to include additional sites, investigators, and cohorts, including patients with HBV and hepatitis Delta virus co-infection
- Initiated a Phase 1/2 study of ARC-521 designed to evaluate the safety, tolerability, and pharmacokinetics of single doses of ARC-521 in healthy volunteers and the safety, tolerability, and antiviral activity of single and multiple doses of ARC-521 in patients with chronic HBV. Two of a planned six normal volunteer cohorts have dosed, with the third cohort expected to dose this week
- Completed enrollment in Part A of a Phase 1 study in healthy volunteers
- Received approval from regulatory authorities in Canada, Ireland, and Sweden to begin a Phase 2 study designed to determine the effect of multiple doses of ARC-AAT on intrahepatic alpha-1 antitrypsin levels as evidenced by changes in liver biopsy in patients with alpha-1 antitrypsin deficiency
Platform and Early Pipeline
- Presented promising new preclinical data on ARC-LPA for cardiovascular diseases and ARC-HIF2 for renal cell carcinoma showing that important advancements are being made to Arrowhead’s delivery platforms to include subcutaneous administration and extra-hepatic targeting capabilities (Original Source)
Shares of Arrowhead Research are down nearly 2% to $6.24. ARWR has a 1-year high of $9.36 and a 1-year low of $3.07. The stock’s 50-day moving average is $5.69 and its 200-day moving average is $5.13.
On the ratings front, Arrowhead has been the subject of a number of recent research reports. In a report issued on May 19, Chardan analyst Madhu Kumar initiated coverage with a Buy rating on ARWR and a price target of $12, which represents a potential upside of 104.8% from where the stock is currently trading. Separately, on May 11, Jefferies Co.’s Eun Yang reiterated a Hold rating on the stock and has a price target of $4.75.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Madhu Kumar and Eun Yang have a total average return of -2.4% and -0.3% respectively. Kumar has a success rate of 59% and is ranked #3039 out of 4105 analysts, while Yang has a success rate of 59% and is ranked #2877.
Arrowhead Pharmaceuticals, Inc. engages as a biopharmaceutical company developing targeted RNAi therapeutics. Its pipeline includes clinical programs in chronic hepatitis B virus and partner based programs in obesity and oncology.