Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) announced financial results for its fiscal 2017 first quarter ended December 31, 2016.
Selected Fiscal 2017 First Quarter and Recent Events
- Took steps to redeploy company resources to support development of RNAi therapeutics that utilize the company’s new proprietary subcutaneous and extra-hepatic delivery systems, including:
- Discontinued the development of ARC-520, ARC-521, and ARC-AAT which utilized the intravenously administered DPCiv™, or EX1, delivery vehicle
- Reduced the workforce by approximately 30%, while maintaining resources necessary to support current and potential partner-based programs and the Company’s pipeline
- Continued progress on preclinical pipeline including ARO-HBV, ARO-AAT, ARO-F12, ARO-HIF2, and programs partnered with Amgen, ARO-LPA and ARO-AMG1
- Continued progress on former drug candidates prior to the discontinuations
- Presented preclinical and clinical data on former drug candidate ARC-AAT at the Liver Meeting, providing validation of the potential of RNAi in alpha-1 liver disease
- Advanced former drug candidate ARC-521 into a Phase 1/2 study
- Conducted multiple dose and combination studies of former drug candidate ARC-520
Shares of Arrowhead Research closed today at $1.88, down $0.02 or -1.05%. ARWR has a 1-year high of $8.22 and a 1-year low of $1.20. The stock’s 50-day moving average is $1.75 and its 200-day moving average is $4.76.
On the ratings front, ARWR has been the subject of a number of recent research reports. In a report issued on November 30, Chardan analyst Madhu Kumar downgraded ARWR to Hold. On the same day, Cantor’s Elemer Piros reiterated a Hold rating on the stock and has a price target of $1.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Madhu Kumar and Elemer Piros have a yearly average loss of -15.4% and -6.5% respectively. Kumar has a success rate of 39% and is ranked #4164 out of 4374 analysts, while Piros has a success rate of 46% and is ranked #4060.
Sentiment on the street is neutral on ARWR stock. Out of 4 analysts who cover the stock, 4 suggest a Hold rating. The 12-month average price target assigned to the stock is $2.00, which represents a slight upside potential from current levels.
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.