Arbutus Biopharma Corporation (NASDAQ:ABUS) Stock Short Interest Rises 84.2%

Key Points

• Short interest surged 84.2% to 34.05 million shares as of September 30, representing 21.5% of Arbutus Biopharma’s outstanding shares and 3.5 days to cover.
• ABUS shares opened at $4.19, within a $3.50–$5.45 one-year range. The company reported quarterly revenue of $1.01 million but missed earnings expectations, posting a loss of $0.03 per share versus the anticipated $0.02 loss.
• Analyst sentiment is mixed, with one Buy and one Hold rating producing a consensus “Moderate Buy” rating and a $5.00 price target; institutional investors own 43.79% of the stock.

Arbutus Biopharma Corporation (NASDAQ:ABUS - Get Free Report) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 34,053,358 shares, a growth of 84.2% from the September 15th total of 18,484,910 shares. Currently, 21.5% of the company's shares are sold short. Based on an average daily trading volume, of 9,652,199 shares, the days-to-cover ratio is presently 3.5 days.

Arbutus Biopharma Price Performance

Shares of NASDAQ:ABUS opened at $4.19 on Thursday. Arbutus Biopharma has a 1 year low of $3.50 and a 1 year high of $5.45. The business has a 50 day simple moving average of $4.83 and a two-hundred day simple moving average of $4.59. The firm has a market capitalization of $830.06 million, a PE ratio of 5.30 and a beta of 0.76.

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). Arbutus Biopharma had a return on equity of 90.98% and a net margin of 84.22%. The business had revenue of $1.01 million during the quarter, compared to analysts' expectations of $0.70 million.

Arbutus Biopharma declared that its board has initiated a share buyback plan on Friday, August 21st that allows the company to repurchase $0.00 in outstanding shares. This buyback authorization allows the biopharmaceutical company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

ABUS has been the topic of a number of analyst reports. Wall Street Zen cut shares of Arbutus Biopharma from a "buy" rating to a "hold" rating in a research 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 note on Wednesday, August 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Hedge Funds Weigh In On Arbutus Biopharma

Several hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC purchased a new stake in Arbutus Biopharma in the 2nd quarter valued at about $999,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Arbutus Biopharma during the second quarter worth approximately $201,000. AXQ Capital LP purchased a new position in shares of Arbutus Biopharma during the second quarter worth approximately $120,000. Two Sigma Securities LLC purchased a new position in shares of Arbutus Biopharma during the second quarter worth approximately $113,000. Finally, Wellington Management Group LLP increased its position in shares of Arbutus Biopharma by 4.7% during the second quarter. Wellington Management Group LLP now owns 461,646 shares of the biopharmaceutical company's stock worth $2,216,000 after acquiring an additional 20,722 shares during the period. Institutional investors own 43.79% of the company's stock.

Arbutus Biopharma Company 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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