Why Arrowhead Pharmaceuticals Shares Are Moving
Portfolio Pulse from Henry Khederian
Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) shares rose 5.4% to $32.68 after pricing an underwritten offering of approximately 15.79 million shares at $28.50 per share. The offering is expected to close around January 5, with gross proceeds of about $450 million before expenses and commissions. Jefferies, BofA Securities, and TD Cowen are managing the offering. The proceeds will be used for research, development, general corporate expenses, and working capital. ARWR's 52-week range is $27.85 to $54.60.
January 03, 2024 | 3:30 pm
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POSITIVE IMPACT
Arrowhead Pharmaceuticals' stock rose after announcing a significant equity offering, indicating investor confidence in the company's future prospects.
The positive stock price movement following the equity offering announcement suggests that investors are optimistic about the use of proceeds for growth and development, outweighing the dilutive effect of the new shares. The offering was priced below the current trading price, which may have initially caused concern, but the subsequent rise indicates a recovery in confidence.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100