# Arrowhead Pharmaceuticals, Inc. (ARWR)

> Source: Nexqual · https://nexqual.com/ARWR · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Arrowhead Pharmaceuticals, Inc. (ARWR), nexqual.com/ARWR" · informational, not investment advice.

**Price:** USD 58.5 (+0.22% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 58.37 · day 57.4–59.4 · 52w 36.57–95.49 · market cap $8.26B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $669M, net income -$320M (-47.8% margin), free cash flow -$75.1M (SEC filings).
- 1 of 80 tracked superinvestors hold ARWR (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $3.1M; 2 not under a Rule 10b5-1 plan ($1.2M).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (15 analysts), mean target USD 107.36 (range 74–126).
- Total return with dividends: 1Y +50.1% vs S&P 500 +18.1%; 5Y -11.6% vs S&P 500 +85.1%.
- Next earnings: 2026-11-24, EPS estimate USD -1.5, revenue estimate $60.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $138M | $243M | $241M | $3.6M | $829M | $669M |
| Operating income | -$149M | -$179M | -$205M | -$601M | $98.3M | -$226M |
| Net income | -$141M | -$176M | -$205M | -$599M | -$1.6M | -$320M |
| EPS (diluted) | -$1.36 | -$1.67 | -$1.92 | -$5.00 | -$0.01 | — |
| Free cash flow | $148M | -$189M | -$331M | -$604M | $157M | -$75.1M |
| Operating margin | -107.8% | -73.4% | -85.2% | -16927.1% | 11.9% | -33.8% |
| Net margin | -101.9% | -72.4% | -85.3% | -16882.4% | -0.2% | -47.8% |
| Revenue growth | +57.2% | +75.9% | -1.0% | -98.5% | +23258.2% | — |
| Cash + short-term investments | $311M | $108M | $404M | $681M | $919M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 12.3x · P/B 17.8x · FCF yield -0.91% · Earnings yield -3.87%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ARWR. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | <0.01% | $539K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan |
|---|---|---|---|---|---|---|
| 2026-08-18 | Olukotun Adeoye Y | Director | 2,000 | $174K | 6% | No |
| 2026-08-18 | Perry Michael S | Director | 11,600 | $1.0M | 9.4% | No |
| 2026-05-12 | Lu Hongbo | Director | 2,970 | $228K | 5.4% | Yes |
| 2026-04-23 | Hamilton James C | Chief Medical Officer | 10,000 | $750K | 4.2% | Yes |
| 2026-04-22 | Apel Daniel Joseph | Chief Financial Officer | 13,095 | $934K | 7.4% | Yes |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 15 analysts; mean target USD 107.36 (low 74, high 126).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Chardan Capital | Maintained | Buy | $115 |
| 2026-10-15 | HC Wainwright & Co. | Reiterated | Buy | $120 |
| 2026-09-08 | Citigroup | Initiated | Buy | $108 |
| 2026-09-01 | HC Wainwright & Co. | Reiterated | Buy | $120 |
| 2026-08-31 | Chardan Capital | Maintained | Buy | $115 |
| 2026-08-31 | RBC Capital | Reiterated | Outperform | $100 |
| 2026-08-06 | HC Wainwright & Co. | Target raised | Buy | $115 → $120 |
| 2026-07-30 | B. Riley Securities | Target raised | Buy | $101 → $123 |
| 2026-07-27 | HC Wainwright & Co. | Target raised | Buy | $100 → $115 |
| 2026-07-23 | Morgan Stanley | Target raised | Overweight | $100 → $120 |
| 2026-07-23 | Piper Sandler | Target raised | Overweight | $110 → $126 |
| 2026-07-22 | Chardan Capital | Target raised | Buy | $90 → $115 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +50.1% | -11.6% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +50.3% | -2.4% |
| Volatility (annualized) | 60.7% | 61.6% |
| Max drawdown | -35.1% (Aug 2026→Oct 2026) | -86.8% (Nov 2021→Mar 2025) |

## Peers (Biotechnology)
ABVX (Abivax SA) USD 92.38 +7.14% · AXSM (Axsome Therapeutics, Inc.) USD 161.79 +3.50% · TGTX (TG Therapeutics, Inc.) USD 56 +3.05% · PTGX (Protagonist Therapeutics, Inc.) USD 136.55 -1.40% · CYTK (Cytokinetics, Incorporated) USD 63.92 +3.73% · CAI (Caris Life Sciences, Inc.) USD 31.76 +7.55%

## More
Full page: https://nexqual.com/ARWR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt