ARWR - Arrowhead Pharma down 12% despite quarterly beats swing to net gain

Arrowhead Pharmaceuticals (NASDAQ:ARWR) is down 12% in Wednesday afternoon trading despite reporting Q1 2022 results after the closing bell Tuesday that beat on the top and bottom lines. The company swung to a quarterly net gain of ~$44.4M ($0.41 per share, diluted) from a net loss of ~$26.8M in the year-ago period. Revenue of 151.8M was ~363% year-over-year increase. In its pipeline, Arrowhead (ARWR) said it recently began a phase 3 trial of its RNAi candidate ARO-APOC3 for high triglycerides. The company also expects to complete a phase 2 study around the end of the year of ARO-ANG3 for mixed dyslipidemia. Top-line data is expected in 1H 2023. The company ended the quarter with $86.4M in cash. Following the quarterly results, Baird upgraded shares to outperform from neutral but lowered its target price to $60 from $71 (~78% upside based on Tuesday's close). Piper Sandler kept its outperform rating but lowered its target

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Arrowhead Pharma down 12% despite quarterly beats, swing to net gain