Arbutus Biopharma (NASDAQ:ABUS) Trading Up 10.1% - Here's What Happened

Key Points

• Arbutus Biopharma's stock surged 10.1% to $4.09 during trading, despite a decline in trading volume compared to the average.
• Wall Street analysts have upgraded Arbutus Biopharma to a "buy" rating, with a consensus price target of $5.50.
• The company reported earnings per share of $0.01 for the last quarter, exceeding analyst estimates significantly while generating revenue of $10.74 million.

Arbutus Biopharma Corporation (NASDAQ:ABUS - Get Free Report) shares were up 10.1% during mid-day trading on Tuesday . The stock traded as high as $4.04 and last traded at $4.09. Approximately 586,031 shares traded hands during trading, a decline of 32% from the average daily volume of 868,137 shares. The stock had previously closed at $3.71.

Wall Street Analyst Weigh In

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

Arbutus Biopharma Stock Performance

The company has a market capitalization of $740.92 million, a price-to-earnings ratio of -13.29 and a beta of 1.01. The stock's fifty day simple moving average is $3.33 and its two-hundred day simple moving average is $3.33.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its stake in Arbutus Biopharma by 220.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 20,760 shares of the biopharmaceutical company's stock worth $64,000 after purchasing an additional 14,275 shares during the period. Exome Asset Management LLC purchased a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $233,000. Rafferty Asset Management LLC lifted its position in shares of Arbutus Biopharma by 6.7% in the second quarter. Rafferty Asset Management LLC now owns 88,454 shares of the biopharmaceutical company's stock worth $273,000 after purchasing an additional 5,590 shares in the last quarter. Oxford Asset Management LLP purchased a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $38,000. Finally, Man Group plc purchased a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $121,000. 43.79% of the stock is owned by hedge funds and other institutional investors.

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.

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