Arrowhead Research Corp Shares Push Over Resistance Level As Momentum Continues
Shares of Arrowhead Research Corp (NASDAQ: ARWR) are experiencing a strong rise in stock price Wednesday as traders take notice of a breakout above the previous resistance area of $15.
Beginning in early June, the $15 level in Arrowhead has been consistently tested and the stock has failed to break above that level. Wednesday, shares have broke above the $15 level on above average volume.
In a report on August 26, Deutsche Bank analysts raised the possibility of the firm being acquired if it releases positive data of its hepatitis drug later this year. Following the comments, stock price jumped to the $15 resistance, pulled back and is now seeing strong follow through breaking the $15 resistance.
The next resistance level appear to be around $18.50.
Arrowhead released second quarter earnings on August 12, reporting a loss of $0.22 per share which matched estimates.
Shares of Arrowhead Research recently traded at $16.75, up 9.3 percent.
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