Two Seas Capital LP Sells 10,951,589 Shares of Arbutus Biopharma Corporation $ABUS

Key Points

• Two Seas Capital cut its Arbutus Biopharma stake by 57.4%, selling 10,951,589 shares during the third quarter and retaining 8,143,994 shares valued at approximately $38.9 million.
• Arbutus shares fell 4.1% to $4.48, below their 50-day moving average, while institutional investors and hedge funds collectively owned 43.79% of the company.
• The company reported a quarterly loss of $0.03 per share, missing estimates by $0.01, although revenue of $1.01 million exceeded expectations. Analysts maintained a “Moderate Buy” consensus with a $5.00 target price.

Two Seas Capital LP reduced its holdings in shares of Arbutus Biopharma Corporation (NASDAQ:ABUS - Free Report) by 57.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,143,994 shares of the biopharmaceutical company's stock after selling 10,951,589 shares during the quarter. Arbutus Biopharma makes up about 0.4% of Two Seas Capital LP's portfolio, making the stock its 22nd biggest holding. Two Seas Capital LP owned 4.11% of Arbutus Biopharma worth $38,928,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Stoneridge Investment Partners LLC bought a new position in shares of Arbutus Biopharma in the second quarter valued at about $44,000. Principal Financial Group Inc. bought a new stake in shares of Arbutus Biopharma during the 1st quarter worth about $49,000. Walleye Trading LLC bought a new stake in shares of Arbutus Biopharma during the 2nd quarter worth about $67,000. E Fund Management Co. Ltd. acquired a new position in Arbutus Biopharma in the 2nd quarter valued at about $69,000. Finally, Cura Wealth Advisors LLC acquired a new position in Arbutus Biopharma in the 2nd quarter valued at about $72,000. 43.79% of the stock is owned by institutional investors and hedge funds.

Arbutus Biopharma Trading Down 4.1%

ABUS stock traded down $0.19 during mid-day trading on Tuesday, hitting $4.48. The stock had a trading volume of 8,259,820 shares, compared to its average volume of 2,973,682. The firm has a fifty day simple moving average of $4.85 and a 200 day simple moving average of $4.60. The firm has a market capitalization of $887.51 million, a P/E ratio of 5.67 and a beta of 0.76. Arbutus Biopharma Corporation has a 52 week low of $3.50 and a 52 week high of $5.45.

Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.03) earnings per share 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 announced that its Board of Directors has approved a share buyback plan on Friday, August 21st that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the biopharmaceutical company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Arbutus Biopharma Profile

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B virus (HBV) infection and other viral diseases. The company's research programs are based primarily on RNA interference (RNAi) therapeutics and small-molecule compounds designed to suppress viral replication and address the underlying biology of persistent infection.

Arbutus' HBV pipeline has included AB-729, an investigational subcutaneously administered RNAi therapeutic intended to reduce hepatitis B surface antigen, and AB-836, an investigational oral capsid inhibitor designed to interfere with HBV replication.

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