13,766,071 Shares in Arbutus Biopharma Corporation $ABUS Bought by BlackRock Inc.

Key Points

• BlackRock acquired 13.77 million Arbutus Biopharma shares during the second quarter, valued at approximately $66.1 million and representing a 6.97% stake. Institutional investors collectively own 43.79% of ABUS.
• Analyst sentiment is mixed: Arbutus was downgraded from “buy” to “hold” by one firm, while another raised its rating within the hold range. The stock has a “Moderate Buy” consensus and a $5.00 price target.
• Arbutus reported quarterly revenue of $1.01 million, above expectations, but its loss of $0.03 per share missed the consensus estimate by $0.01. Shares recently opened at $5.07, within a 52-week range of $3.50 to $5.45.

BlackRock Inc. purchased a new stake in Arbutus Biopharma Corporation (NASDAQ:ABUS - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 13,766,071 shares of the biopharmaceutical company's stock, valued at approximately $66,077,000. BlackRock Inc. owned approximately 6.97% of Arbutus Biopharma as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABUS. Oxford Asset Management LLP purchased a new stake in Arbutus Biopharma in the second quarter valued at approximately $38,000. Stoneridge Investment Partners LLC acquired a new position in shares of Arbutus Biopharma during the 2nd quarter worth approximately $44,000. Voleon Capital Management LP purchased a new stake in shares of Arbutus Biopharma in the 3rd quarter valued at approximately $47,000. Cibc World Markets Corp purchased a new stake in Arbutus Biopharma in the fourth quarter valued at $48,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Arbutus Biopharma during the first quarter valued at about $49,000. 43.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen cut shares of Arbutus Biopharma from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings raised shares of Arbutus Biopharma from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Arbutus Biopharma Price Performance

Shares of ABUS opened at $5.07 on Monday. Arbutus Biopharma Corporation has a 1-year low of $3.50 and a 1-year high of $5.45. The stock has a market cap of $1.00 billion, a PE ratio of 6.42 and a beta of 0.64. The firm has a fifty day moving average price of $4.70 and a 200 day moving average price of $4.49.

Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Arbutus Biopharma had a net margin of 84.22% and a return on equity of 90.98%. The business had revenue of $1.01 million during the quarter, compared to analysts' expectations of $0.70 million.

Arbutus Biopharma announced that its Board of Directors has approved a stock repurchase program on Friday, August 21st that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

About Arbutus Biopharma

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company dedicated to discovering, developing and advancing a cure for chronic hepatitis B virus (HBV) infection. The company's pipeline features both direct-acting antivirals and host-targeting therapies designed to reduce viral load and restore immune function. Lead programs include an RNA interference (RNAi) candidate aimed at silencing viral gene expression and next-generation capsid assembly modulators that seek to inhibit viral replication at its core.

In addition to its antiviral portfolio, Arbutus leverages proprietary lipid nanoparticle (LNP) delivery technology to optimize the distribution and cellular uptake of nucleic acid therapeutics.

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