PASADENA, Calif. (AP) _ Arrowhead Research Corp. (ARWR) on Wednesday reported fiscal second-quarter net income of $23.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Pasadena, California-based company said it had profit of 24 cents.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The drug developer posted revenue of $48.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $45.8 million.
Arrowhead Research shares have risen 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.19, more than doubling in the last 12 months.
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