Arbutus Biopharma (NASDAQ:ABUS) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• Arbutus Biopharma's stock price recently crossed above its 200-day moving average, reaching a trading high of $3.58 amidst a volume of 977,320 shares.
• Chardan Capital has reinstated a "buy" rating" for Arbutus with a price target of $5.00, while the consensus price target among analysts is set at $5.50.
• The company reported earnings of $0.01 per share for the last quarter, significantly exceeding analyst expectations of a loss, and had revenues of $10.74 million compared to the expected $2.21 million.

Arbutus Biopharma Corporation (NASDAQ:ABUS - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.32 and traded as high as $3.58. Arbutus Biopharma shares last traded at $3.58, with a volume of 977,320 shares.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABUS. Wall Street Zen raised Arbutus Biopharma from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Chardan Capital reaffirmed a "buy" rating and set a $5.00 price objective on shares of Arbutus Biopharma in a research note on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $5.50.

Arbutus Biopharma Stock Performance

The company has a 50 day simple moving average of $3.32 and a 200-day simple moving average of $3.32. The stock has a market cap of $699.71 million, a price-to-earnings ratio of -12.59 and a beta of 0.86.

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

Institutional Trading of Arbutus Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Arbutus Biopharma in the 4th quarter valued at about $34,000. Cyndeo Wealth Partners LLC bought a new position in shares of Arbutus Biopharma in the 1st quarter valued at about $35,000. Oxford Asset Management LLP bought a new position in shares of Arbutus Biopharma in the 2nd quarter valued at about $38,000. Daiwa Securities Group Inc. grew its holdings in shares of Arbutus Biopharma by 3,911.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 15,844 shares of the biopharmaceutical company's stock valued at $49,000 after acquiring an additional 15,449 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Arbutus Biopharma in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 43.79% of the company's stock.

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.