PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Arrowhead Research Corp. (ARWR) on Thursday reported fiscal first-quarter net income of $30.8 million, after reporting a loss in the same period a year earlier.
The Pasadena, California-based company said it had net income of 22 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The drug developer posted revenue of $264 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $295.3 million.
Arrowhead Research shares have fallen roughly 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $64.64, more than tripling in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARWR at https://www.zacks.com/ap/ARWR