Arrowhead Research: Fiscal 1Q Earnings Snapshot
PASADENA, Calif. (AP) _ Arrowhead Research Corp. (ARWR) on Thursday reported fiscal first-quarter net income of $12 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Pasadena, California-based company said it had net income of 13 cents.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The drug developer posted revenue of $34.7 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $90.9 million.
Arrowhead Research shares have risen 7 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $13.30, more than doubling in the last 12 months.