William D. Waddill, a director at Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR), has sold shares of the company's common stock, according to a recent SEC filing. Over two days, Waddill sold a total of 7,495 shares, generating proceeds of approximately $164,665. The transactions were executed on December 16 and 17, with share prices ranging between $21.90 and $22.04. According to InvestingPro data, the stock has seen a -27% return year-to-date, while maintaining strong liquidity with a current ratio of 6.74.
The sales were conducted under a pre-arranged 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock to avoid potential conflicts of interest. A portion of the shares was sold to satisfy tax withholding obligations related to restricted stock units (RSUs). InvestingPro analysis indicates the company is currently overvalued, with analysts projecting continued sales growth despite a rapid cash burn rate.
Following these transactions, Waddill retains ownership of 40,378 shares of Arrowhead Pharmaceuticals. The company, headquartered in Pasadena, California, specializes in developing RNA interference-based therapeutics. Get the complete financial picture with InvestingPro's exclusive research report, featuring comprehensive analysis of ARWR's financial health and growth prospects.
In other recent news, Arrowhead Pharmaceuticals has seen a significant boost in its financial position and drug development pipeline. The company recently announced a global license and collaboration agreement with Sarepta Therapeutics (NASDAQ:SRPT). This strategic partnership involves a substantial upfront payment of $500 million to Arrowhead and an additional $325 million through a common stock purchase once the deal closes, anticipated in 2025.
The company has also made progress with its drug candidate, plozasiran, by submitting a New Drug Application (NDA) to the U.S. Food and Drug Administration for the treatment of familial chylomicronemia syndrome (FCS). Moreover, the company has filed Clinical Trial Applications for ARO-INHBE and ARO-ALK7, its obesity programs, with plans to initiate Phase 1/2 studies in the first quarter of 2025.
On the analyst front, H.C. Wainwright raised the stock's price target from $60.00 to $80.00 while maintaining a Buy rating. However, Bernstein SocGen Group, Piper Sandler, and Citi have made slight adjustments to their price targets for Arrowhead, while maintaining their respective ratings on the stock. These are recent developments in the company's operations.
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