Arbutus Biopharma (NASDAQ:ABUS) Hits New 52-Week High - Here's What Happened

Key Points

• Arbutus Biopharma's stock hit a new 52-week high of $4.62 during mid-day trading, closing at $4.50 with a trading volume of 449,366 shares.
• Chardan Capital reaffirmed a "buy" rating with a $5.00 price target, while Wall Street Zen downgraded the stock from "buy" to "hold," resulting in a consensus "buy" rating among three analysts.
• The company reported earnings of $0.01 per share, beating expectations, with revenue of $10.74 million significantly higher than the anticipated $2.21 million.

Arbutus Biopharma Corporation (NASDAQ:ABUS - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $4.62 and last traded at $4.50, with a volume of 449366 shares traded. The stock had previously closed at $4.33.

Wall Street Analyst Weigh In

A number of research analysts have commented on ABUS shares. Chardan Capital restated a "buy" rating and set a $5.00 price target on shares of Arbutus Biopharma in a research note on Monday, August 11th. Wall Street Zen downgraded Arbutus Biopharma from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $5.00.

Arbutus Biopharma Stock Performance

The stock has a market capitalization of $850.19 million, a price-to-earnings ratio of -15.29 and a beta of 1.01. The company has a 50-day moving average of $3.52 and a 200-day moving average of $3.38.

Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. The firm had revenue of $10.74 million during the quarter, compared to the consensus estimate of $2.21 million. Arbutus Biopharma had a negative return on equity of 59.28% and a negative net margin of 352.24%. As a group, analysts expect that Arbutus Biopharma Corporation will post -0.39 earnings per share for the current year.

Institutional Trading of Arbutus Biopharma

Several institutional investors have recently made changes to their positions in ABUS. Cyndeo Wealth Partners LLC purchased a new stake in shares of Arbutus Biopharma during the 1st quarter valued at $35,000. Oxford Asset Management LLP purchased a new stake in Arbutus Biopharma during the 2nd quarter worth $38,000. Daiwa Securities Group Inc. boosted its position in Arbutus Biopharma by 3,911.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 15,844 shares of the biopharmaceutical company's stock worth $49,000 after purchasing an additional 15,449 shares during the period. Prudential Financial Inc. boosted its position in Arbutus Biopharma by 71.5% during the 2nd quarter. Prudential Financial Inc. now owns 18,255 shares of the biopharmaceutical company's stock worth $56,000 after purchasing an additional 7,610 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Arbutus Biopharma in the 2nd quarter worth $61,000. 43.79% of the stock is owned by hedge funds and other institutional investors.

About Arbutus Biopharma

Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection in the United States. Its HBV product pipeline consists of imdusiran (AB-729), a proprietary subcutaneously-delivered RNAi therapeutic product candidate that suppresses all HBV antigens, including HBsAg expression.