Shares of Arbutus Biopharma Corporation (NASDAQ:ABUS – Get Free Report) saw an uptick in trading volume on Tuesday. 4,622,457 shares changed hands during mid-day trading, an increase of 73% from the previous session’s volume of 2,674,178 shares. The stock last traded at $4.7950 and had previously closed at $4.86.
Wall Street Analyst Weigh In
ABUS has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Arbutus Biopharma from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings upgraded shares of Arbutus Biopharma from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 26th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.00.
Read Our Latest Stock Report on Arbutus Biopharma
Arbutus Biopharma Stock Performance
Arbutus Biopharma (NASDAQ:ABUS – Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Arbutus Biopharma had a net margin of 84.22% and a return on equity of 90.98%. The business had revenue of $1.01 million for the quarter, compared to the consensus estimate of $0.70 million.
Arbutus Biopharma declared that its Board of Directors has authorized a share buyback program on Friday, August 21st that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Institutional Investors Weigh In On Arbutus Biopharma
A number of large investors have recently added to or reduced their stakes in ABUS. Man Group plc bought a new stake in Arbutus Biopharma during the second quarter valued at approximately $2,273,000. Whitefort Capital Management LP bought a new stake in shares of Arbutus Biopharma during the 2nd quarter valued at $75,812,453. Two Seas Capital LP bought a new stake in shares of Arbutus Biopharma during the 2nd quarter valued at $91,659,000. Squarepoint Ops LLC purchased a new stake in shares of Arbutus Biopharma in the 2nd quarter worth $999,000. Finally, Rubric Capital Management LP increased its stake in shares of Arbutus Biopharma by 320.6% in the 1st quarter. Rubric Capital Management LP now owns 6,626,389 shares of the biopharmaceutical company’s stock worth $29,819,000 after purchasing an additional 5,051,013 shares in the last quarter. Institutional investors own 43.79% of the company’s stock.
About Arbutus Biopharma
Arbutus Biopharma Corporation (NASDAQ: ABUS) is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B virus (HBV) infection. Its research is aimed at addressing multiple stages of the HBV lifecycle and developing therapies that may improve long-term viral suppression and support a functional cure.
The company’s pipeline has included AB-729, an RNA interference-based therapy designed to reduce hepatitis B surface antigen, and AB-836, an orally administered capsid assembly modulator intended to interfere with HBV replication.
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