Arrowhead Pharmaceuticals Launches Major Equity and Notes Offerings

Arrowhead Pharmaceuticals ( (ARWR) ) has issued an update.

On January 7, 2026, Arrowhead Pharmaceuticals entered into agreements for concurrent public offerings of common stock, pre-funded warrants and 0.00% convertible senior notes due 2032, marking a significant capital raise to fund its growth plans. The equity offering comprised 3,100,776 shares of common stock at $64.50 per share, or pre-funded warrants in lieu of shares for up to 1,550,387 shares at $64.499 per warrant, with underwriters exercising in full a 30-day option on January 8, 2026 to purchase an additional 456,116 shares, bringing expected net proceeds to about $216.6 million ahead of an anticipated January 9, 2026 closing. In parallel, Arrowhead priced an upsized $625 million convertible notes offering, later expanded by underwriters’ full exercise of a $75 million over-allotment option on January 8, 2026, for expected net proceeds of approximately $681.3 million, with settlement targeted for January 12, 2026; the zero-coupon notes mature in 2032, carry an initial conversion price of about $87.07 per share, may be redeemed by Arrowhead from 2029 under certain share-price conditions, and are hedged via capped call transactions designed to limit dilution. The combined financings, made under an effective shelf registration and backed by major underwriters including J.P. Morgan and Jefferies, are intended to strengthen Arrowhead’s balance sheet and fund general corporate purposes such as R&D, clinical trials, commercialization activities and possible debt prepayment, potentially enhancing its financial flexibility and competitive positioning as it advances late-stage drug programs.

The most recent analyst rating on (ARWR) stock is a Hold with a $70.00 price target. To see the full list of analyst forecasts on Arrowhead Pharmaceuticals stock, see the ARWR Stock Forecast page.

Spark’s Take on ARWR Stock

According to Spark, TipRanks’ AI Analyst, ARWR is a Neutral.

The score is driven primarily by improving (but still volatile) financial performance and a bullish longer-term technical trend. Strong earnings-call catalysts (FDA approval, partnerships/milestones, and extended cash runway) lift the outlook, while the negative/undependable P/E and lack of dividend support keep valuation from contributing meaningfully.

To see Spark’s full report on ARWR stock, click here.

More about Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals, Inc., based in Pasadena, California and listed on NASDAQ under the ticker ARWR, operates in the biopharmaceutical industry, focusing on research and development of drug candidates and preparation for potential commercial launches of late-stage products, supported by investments in clinical trials, supply chain activities and broader commercialization infrastructure.

Average Trading Volume: 2,577,211

Technical Sentiment Signal: Buy

Current Market Cap: $8.92B

For a thorough assessment of ARWR stock, go to TipRanks’ Stock Analysis page.