Arbutus Biopharma (NASDAQ:ABUS) Trading Up 6.4% - Here's What Happened

Key Points

• Arbutus Biopharma's stock rose by 6.4%, trading at $4.92, following a previous close of $4.62, although trading volume was down 75% compared to average volumes.
• Wall Street analysts have mixed opinions, with one firm downgrading the stock to a "hold" while others maintain a "buy" rating with a consensus price target of $5.00.
• Arbutus Biopharma reported quarterly earnings of $0.01 per share, surpassing analysts' estimates, alongside revenues of $10.74 million against expectations of just $2.21 million.

Arbutus Biopharma Corporation (NASDAQ:ABUS - Get Free Report) shares traded up 6.4% during trading on Thursday . The company traded as high as $4.80 and last traded at $4.92. 230,589 shares traded hands during trading, a decline of 75% from the average session volume of 913,903 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

Several research firms recently issued reports on ABUS. Wall Street Zen lowered shares of Arbutus Biopharma from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Chardan Capital reissued a "buy" rating and issued a $5.00 price target on shares of Arbutus Biopharma in a research report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $5.00.

Arbutus Biopharma Price Performance

The stock has a market capitalization of $843.48 million, a P/E ratio of -15.17 and a beta of 1.01. The business's 50 day simple moving average is $3.55 and its 200-day simple moving average is $3.39.

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

Institutional Investors Weigh In On Arbutus Biopharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 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 stake in Arbutus Biopharma in the 2nd quarter valued at about $38,000. Daiwa Securities Group Inc. lifted its holdings in shares of 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 acquiring an additional 15,449 shares during the period. Prudential Financial Inc. lifted its holdings in shares of 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 acquiring an additional 7,610 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Arbutus Biopharma during the 2nd quarter worth approximately $61,000. 43.79% of the stock is currently owned by institutional investors and hedge funds.

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.