NEW YORK (TheStreet) -- Arrowhead Research (ARWR) shares are up 6.58% to $7.13 in morning trading on Wednesday after the pharmaceutical company received regulatory clearance to continue tests of its hepatitis B infection (HBV) treatment ARC-520 by Germany's Federal Institute for Drugs and Medical Devices.
The company can now preform two additional Phase 2b multiple-dose studies of its treatment candidate.
Arrowhead also said that it is currently engaged in talks with regulatory authorities in Hong Kong and South Korea to open additional sites for the studies.
"ARC-520 is leading the way in studying the use of RNAi drugs as new treatment options for chronic HBV. We are very pleased to receive regulatory clearance in Europe to conduct the parallel design Phase 2b multiple-dose studies that we proposed," said CEO Bruce D. Given, M.D.
TheStreet Ratings team rates ARROWHEAD RESEARCH CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ARROWHEAD RESEARCH CORP (ARWR) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."