Bank of New York Mellon Corp Invests $2.18 Million in Arbutus Biopharma Corporation $ABUS

Key Points

• Bank of New York Mellon purchased 454,115 Arbutus Biopharma shares worth approximately $2.18 million, representing a 0.23% stake. Institutional investors collectively own 43.79% of ABUS.
• Analyst sentiment is mixed, with one Buy and one Hold rating; the stock carries a consensus “Moderate Buy” rating and a $5.00 price target.
• ABUS recently reported a quarterly loss of $0.03 per share, missing estimates by $0.01, while revenue of $1.01 million exceeded the $0.70 million consensus forecast.

Bank of New York Mellon Corp purchased a new position in shares of Arbutus Biopharma Corporation (NASDAQ:ABUS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 454,115 shares of the biopharmaceutical company's stock, valued at approximately $2,180,000. Bank of New York Mellon Corp owned 0.23% of Arbutus Biopharma at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ABUS. Oxford Asset Management LLP bought a new stake in Arbutus Biopharma in the second quarter worth about $38,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $44,000. Voleon Capital Management LP purchased a new stake in shares of Arbutus Biopharma in the third quarter worth approximately $47,000. Cibc World Markets Corp bought a new stake in shares of Arbutus Biopharma during the 4th quarter worth approximately $48,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Arbutus Biopharma during the 1st quarter worth approximately $49,000. 43.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wall Street Zen downgraded Arbutus Biopharma from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings upgraded Arbutus Biopharma from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 26th. 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Arbutus Biopharma Price Performance

Shares of NASDAQ ABUS opened at $5.15 on Tuesday. The business has a fifty day moving average price of $4.77 and a 200 day moving average price of $4.54. Arbutus Biopharma Corporation has a 1-year low of $3.50 and a 1-year high of $5.45. The stock has a market capitalization of $1.02 billion, a P/E ratio of 6.52 and a beta of 0.62.

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

Arbutus Biopharma declared that its board has initiated a stock buyback program on Friday, August 21st that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the biopharmaceutical company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Arbutus Biopharma Profile

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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