Today’s Research Reports on Trending Tickers: Arrowhead Pharmaceuticals and Array BioPharma Inc.
Tech stocks fell sharply Wednesday, sending the Nasdaq to its worst single day decline in over three months. The Nasdaq Composite Index dropped 1.27 percent to close at 6,824.39. Financial stocks surged to help lift the Dow Jones Industrial Average 0.44 percent to close at 23,940.68.
“This is a dramatic rotation out of high-octane tech stocks, which is exacerbated by passive flows into index funds,” said Ian Winer, head of the equities division at Wedbush Securities.
“Since so many portfolios had the same positions and are rebalancing, what we are seeing is a mini unwind of momentum stocks. It is difficult to say whether it will spill over to the rest of the market at some point,” Winer said.
RDI Initiates Coverage on:
Arrowhead Pharmaceuticals, Inc.
Array BioPharma Inc.
Arrowhead Pharmaceuticals, Inc.’s stock moved 9.00% lower Wednesday, to close the day at $3.54. The stock recorded a trading volume of 5,152,800 shares, which was above its three months average volume of 1,007,065 shares. In the last year, Arrowhead Pharmaceuticals, Inc.’s shares have traded in a range of 1.20 – 4.54. The share price has gained 195.00% from its 52 week low. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $3.74 is greater than its 200-day moving average of $2.62. Shares of Arrowhead Pharmaceuticals have fallen roughly 3.01 percent in the past month and are up 128.39 percent year-to-date.
Access RDI’s Arrowhead Pharmaceuticals, Inc. Research Report at:
On Wednesday, shares in Array BioPharma Inc. recorded a trading volume of 2,478,615 shares, which was below the three months average volume of 4,188,446 shares. The stock ended the day 4.65% lower at 10.88. The share price has gained 61.66% from its 52 week low with a 52 week trading range of 6.73 – 13.40.The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $11.21 is greater than its 200-day moving average of $9.63. Shares of Array BioPharma have fallen roughly 0.27 percent in the past month and are up 23.78 percent year-to-date.
Access RDI’s Array BioPharma Inc. Research Report at:
Our Actionable Research on Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) and Array BioPharma Inc. (NASDAQ:ARRY) can be downloaded free of charge at Research Driven Investing.
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