Arbutus Biopharma (NASDAQ:ABUS) Trading 6.4% Higher - Still a Buy?

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 were traded during trading, a decline of 75% from the average session volume of 913,903 shares. The stock had previously closed at $4.62.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wall Street Zen downgraded Arbutus Biopharma from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Chardan Capital reiterated a "buy" rating and set a $5.00 target price 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, the stock has an average rating of "Buy" and a consensus price target of $5.00.

Arbutus Biopharma Stock Up 8.8%

The company has a market capitalization of $963.29 million, a price-to-earnings ratio of -17.33 and a beta of 1.01. The stock has a fifty day moving average price of $3.46 and a two-hundred day moving average price of $3.37.

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 for the quarter, topping analysts' consensus estimates 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 company had revenue of $10.74 million during the quarter, compared to analysts' expectations of $2.21 million. As a group, research analysts forecast that Arbutus Biopharma Corporation will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arbutus Biopharma

Several institutional investors have recently added to or reduced their stakes in ABUS. Woodline Partners LP increased its stake in Arbutus Biopharma by 173.3% in the first quarter. Woodline Partners LP now owns 2,655,738 shares of the biopharmaceutical company's stock valued at $9,269,000 after purchasing an additional 1,684,110 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Arbutus Biopharma by 290.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,075,948 shares of the biopharmaceutical company's stock valued at $7,245,000 after purchasing an additional 1,544,070 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in Arbutus Biopharma by 63.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,575,941 shares of the biopharmaceutical company's stock valued at $7,960,000 after purchasing an additional 1,000,000 shares during the last quarter. Two Seas Capital LP increased its stake in Arbutus Biopharma by 10.3% in the second quarter. Two Seas Capital LP now owns 10,443,317 shares of the biopharmaceutical company's stock valued at $32,270,000 after purchasing an additional 977,361 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Arbutus Biopharma by 161.4% in the second quarter. Bank of America Corp DE now owns 1,197,655 shares of the biopharmaceutical company's stock valued at $3,701,000 after purchasing an additional 739,429 shares during the last quarter. 43.79% of the stock is currently owned by institutional investors and hedge funds.

Arbutus Biopharma Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.