Kenneth Myszkowski, the Chief Financial Officer of Arrowhead Pharmaceuticals, has sold shares worth $893,095, while still holding 455,433 shares directly. The sales occurred over three days, with shares sold at prices ranging from $19.68 to $20.10. These transactions were executed under a pre-established 10b5-1 trading plan, designed to allow company insiders to sell shares at predetermined times, and were partially intended to cover tax obligations related to restricted stock units.
Arrowhead Pharmaceuticals, based in Pasadena, California, is focused on the development of pharmaceutical preparations. The company has been making notable progress in its operations and strategic partnerships, including a significant licensing and collaboration agreement with Sarepta Therapeutics. This agreement involves an upfront payment of $850 million and potential additional payments totaling $550 million, which is expected to bolster Arrowhead's financial stability until 2028.
In addition to its financial maneuvers, Arrowhead has submitted a New Drug Application (NDA) for plozasiran, a potential treatment for Familial Chylomicronemia Syndrome (FCS). The company is also conducting several Phase III trials, including SHASTA-3 and SHASTA-4 for Severe Hypertriglyceridemia (SHTG), as well as the MUIR-3 trial for Homozygous Genetic Triglyceridemia (HGT).
Analysts have shown confidence in Arrowhead's financial prospects and ongoing clinical developments. B.Riley reiterated its Buy rating on the stock, highlighting the company's strong position in the siRNA therapeutics market and the potential benefits from recent FDA approvals. H.C. Wainwright also maintained a Buy rating, increasing the stock's price target to $80.00, while Piper Sandler adjusted its 12-month price target to $45, maintaining an Overweight rating. These developments underscore the analysts' optimism regarding Arrowhead's future in the pharmaceutical industry.
