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Here's Why Arrowhead Pharmaceuticals Surged 31.9% in May

Maxx Chatsko, The Motley Fool
Updated

What happened

Shares of Arrowhead Pharmaceuticals (NASDAQ: ARWR) rose nearly 32% last month, according to data provided by S&P Global Market Intelligence. The biopharma company announced a business update for the fiscal second quarter of 2019. It appears to have been a busy three months.

The clinical-stage company began dosing patients in two phase 1 studies, received the green light from regulators to begin an important phase 2/3 trial, and reported promising interim data from an ongoing trial being conducted by a subsidiary of partner Johnson & Johnson. It's the second-straight quarterly update to send shares soaring.

A hand pulling the last column in a chart above the rest.
A hand pulling the last column in a chart above the rest.

Image source: Getty Images.

So what

The pipeline is buzzing with activity at Arrowhead Pharmaceuticals. Rare-disease drug candidates ARO-ANG3 and ARO-APOC3 were each administered to the first patients in early-stage studies. ARO-AAT got the nod to begin a phase 2/3 trial to evaluate its potential to treat alpha-1 antitrypsin (AAT) deficiency. It has the potential to serve as a pivotal study, meaning the data generated from the first half of the trial could be submitted for marketing approval while the second half of the study continues.

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Of course, investors are most interested in the hepatitis B program being developed with Johnson & Johnson. It's off to a promising start. Data presented at the EASL International Liver Congress 2019 meeting showed that all 40 patients treated with JNJ-3989 (formerly ARO-HBV) were able to meet total reduction targets, while 88% reduced a measurable biomarker below the specified level.

Now what

All eyes will remain on the hepatitis B program. Arrowhead Pharmaceuticals stands to receive up to $3.7 billion in milestone payments, plus royalties on commercial sales, for the successful development of the asset. It has already received at least $200 million in cash from its partner in addition to a $75 million equity investment. If the early-stage results hold up in larger trials, then investors will be rewarded for their patience.

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Maxx Chatsko has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.