Arrowhead (ARWR) Hits 3-Year High on Strong Earnings, FDA Approval

We recently published 10 Big Names Feasting on Gains Ahead of Thanksgiving. Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is one of the best-performing stocks on Wednesday.

Arrowhead Pharmaceuticals soared to a new three-year high on Wednesday, as investors took heart from its impressive earnings performance for the full fiscal year, alongside the Food and Drug Administration’s (FDA) approval for its treatment for familial chylomicronemia syndrome (FCS).

At intra-day trading, the stock soared to as high as $59.15 before trimming gains to end the day just up by 23.34 percent at $57.71 apiece.

In an updated report on the same day, Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) said it narrowed its attributable net loss by 99.7 percent to only $1.63 million from the $599.49 million last year, as revenues soared by 23,585 percent to $829.4 million from $3.5 million year-on-year.

Additionally, Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) recently secured the approval of the FDA to sell redemplo following positive clinical trial results. Redemplo is the first and only approved siRNA medicine to reduce triglycerides in adults with FCS.

Following the approval, Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is targeting to start selling redemplo before the end of the year.

FCS is a severe and rare disease, affecting as many as 6,500 people in the US. The disease is characterized by triglyceride levels that can be 10 to 100 times higher than normal, leading to a substantially higher risk of developing acute, recurrent, and potentially fatal pancreatitis.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.