Bank of America Corp DE Makes New $12.70 Million Investment in Arbutus Biopharma Corporation $ABUS

Key Points

• Bank of America acquired 2.65 million Arbutus Biopharma shares worth approximately $12.7 million, giving it a 1.34% stake. Institutional investors collectively own 43.79% of the company.
• Arbutus shares were trading at $4.85, down 0.6%, with a market capitalization of about $961 million. The company reported quarterly revenue of $1.01 million but missed earnings expectations, posting a loss of $0.03 per share versus the $0.02 consensus loss.
• Analyst sentiment remains mixed, with one Buy and one Hold rating producing a Moderate Buy consensus and a $5.00 price target. Arbutus is focused on developing therapies for chronic hepatitis B, including AB-729 and AB-836.

Bank of America Corp DE purchased a new stake in shares of Arbutus Biopharma Corporation (NASDAQ:ABUS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,646,197 shares of the biopharmaceutical company's stock, valued at approximately $12,702,000. Bank of America Corp DE owned approximately 1.34% of Arbutus Biopharma at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Stoneridge Investment Partners LLC purchased a new position in Arbutus Biopharma during the second quarter valued at approximately $44,000. Principal Financial Group Inc. acquired a new stake in Arbutus Biopharma during the first quarter valued at $49,000. Walleye Trading LLC purchased a new position in Arbutus Biopharma in the second quarter valued at about $67,000. E Fund Management Co. Ltd. acquired a new position in Arbutus Biopharma in the 2nd quarter worth about $69,000. Finally, Cura Wealth Advisors LLC acquired a new position in Arbutus Biopharma in the 2nd quarter worth about $72,000. 43.79% of the stock is owned by hedge funds and other institutional investors.

Arbutus Biopharma Trading Down 0.6%

Shares of ABUS opened at $4.85 on Friday. The stock has a market cap of $960.83 million, a PE ratio of 6.14 and a beta of 0.62. Arbutus Biopharma Corporation has a 1 year low of $3.50 and a 1 year high of $5.45. The stock has a 50 day simple moving average of $4.82 and a 200-day simple moving average of $4.59.

Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) last announced 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). The company had revenue of $1.01 million during the quarter, compared to analyst estimates of $0.70 million. Arbutus Biopharma had a net margin of 84.22% and a return on equity of 90.98%.

Arbutus Biopharma declared that its Board of Directors has initiated a stock repurchase plan on Friday, August 21st that permits the company to buyback $0.00 in shares. This buyback authorization permits the biopharmaceutical company to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Arbutus Biopharma from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 26th. Wall Street Zen cut shares of Arbutus Biopharma from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $5.00.

About Arbutus Biopharma

Arbutus Biopharma Corporation NASDAQ: ABUS is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B virus (HBV) infection. Its research is aimed at addressing multiple stages of the HBV lifecycle and developing therapies that may improve long-term viral suppression and support a functional cure.

The company's pipeline has included AB-729, an RNA interference-based therapy designed to reduce hepatitis B surface antigen, and AB-836, an orally administered capsid assembly modulator intended to interfere with HBV replication.

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