PASADENA, Calif. (AP) _ Arrowhead Research Corp. (ARWR) on Wednesday reported a loss of $2.7 million in its fiscal first quarter.
The Pasadena, California-based company said it had a loss of 3 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The drug developer posted revenue of $29.5 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $36.6 million.
Arrowhead Research shares have fallen 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $43.60, more than tripling in the last 12 months.