Arrowhead Pharmaceuticals (ARWR) saw its stock price plummet by 8.28% in pre-market trading on Thursday, following news that its partner Sarepta Therapeutics (SRPT) has significantly reduced its stake in the company. The sharp decline comes as investors react to Sarepta's decision to sell a substantial portion of its Arrowhead stock holdings.
According to a late Wednesday announcement, Sarepta Therapeutics sold approximately 9.3 million common shares of Arrowhead Pharmaceuticals, generating at least $174 million in gross proceeds. Additionally, Sarepta will transfer about 2.7 million Arrowhead shares to satisfy $50 million of a previously announced $100 million milestone payment obligation. This large-scale sell-off by a major stakeholder has raised concerns among investors, leading to the significant drop in Arrowhead's share price.
Despite the stock sale, the two companies maintain their collaborative relationship. The $100 million milestone payment from Sarepta to Arrowhead was triggered following positive progress in their joint clinical study of SRP-1003, an investigational RNA interference therapeutic for the treatment of type 1 myotonic dystrophy. However, the market seems more focused on Sarepta's decision to exit its Arrowhead position, with H.C. Wainwright commenting that Sarepta has "lost credibility" by exiting Arrowhead at a loss less than a year after investing $325 million in the company. This rapid change in Sarepta's investment strategy has likely contributed to the negative sentiment surrounding Arrowhead's stock.
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。