Why Arrowhead Pharmaceuticals Shares Are Moving

Arrowhead Pharmaceuticals, Inc. ARWR shares are trading higher by 5.4% to $32.68, gaining after initially falling, after the company priced an underwritten registered offering of about 15.79 million shares of its common stock at $28.50 per share, expecting to close around January 5.

The gross proceeds from this offering will be roughly $450 million before deducting expenses and commissions. Jefferies, BofA Securities and TD Cowen are managing the offering.

Arrowhead plans to use the net proceeds for research, development, general corporate expenses and working capital.

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According to data from Benzinga Pro, ARWR has a 52-week high of $54.60 and a 52-week low of $27.85.