Boston, MA 03/06/2014 (wallstreetpr) – Arrowhead Research Corp (NASDAQ:ARWR) which is a nanomedicine company that develops RNAI-based therapeutic products hit a five year high on Tuesday after a massive exchange of its shares. Arrowhead surged by highs of 29% after RBC Capital analysts Michael Yee and Deutsche bank initiated coverage of the company’s stock.
RBC capital have an outperform rating on the company stock something that should excite investors in the market considering they also raised the company’s share price target to $35 up from the current trading range of $26.31. RBC capital price target essentially means the company’s stock has an upside of 66% based on Tuesday closing price.
The coverage by RBC capital and Deutsche Bank could not have come at a better time considering the company recently received an ok to continue with phase trial of its hepatitis-B drug ARC-520. There is huge belief in the market that the company could get a breakthrough in the market if ARC-520 reports positive results with the trial.
Arrowhead ratings in the market
Arrowhead Research Corp (NASDAQ:ARWR) has been the subject of recent ratings by research firms in the market, analysts at Jefferies Group have already raised the company stock price target from lows of $15 to highs of 30. Five research companies currently rate the stock as a buy with the company commanding an average rating of a buy with an average price target of $25.7. Deutsche bank currently rate Arrowhead as a buy with a high price target of $45, with the bank projecting that the company annual sales could clock highs of $5.2 billion in the current fiscal year
Arrowhead Research Corp (NASDAQ:ARWR)’s 6.9 million shares exchange hands on Tuesday trading session with the company closing the day at highs of $26.31 after moving up by $24.46%. The company currently commands a 50 day moving average of $16.79 with a 200 day average of $9. Its market cap currently stands at $1.032 billion