Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) declared that its board has initiated a stock buyback program on Friday, August 21st, RTT News reports. The company plans to buyback $0.00 in outstanding shares. This buyback authorization permits the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.
Arbutus Biopharma Stock Up 9.2%
Shares of ABUS traded up $0.44 on Friday, hitting $5.21. 18,059,999 shares of the stock traded hands, compared to its average volume of 1,322,421. Arbutus Biopharma has a 1 year low of $3.49 and a 1 year high of $5.45. The stock's 50 day moving average is $4.62 and its two-hundred day moving average is $4.45. The firm has a market capitalization of $1.03 billion, a P/E ratio of 6.59 and a beta of 0.64.
Arbutus Biopharma (NASDAQ:ABUS - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The company had revenue of $1.01 million for the quarter, compared to analysts' expectations of $0.70 million. Arbutus Biopharma had a return on equity of 90.98% and a net margin of 84.22%.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. Weiss Ratings upgraded Arbutus Biopharma from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, August 12th. Wall Street Zen downgraded shares of Arbutus Biopharma from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. One 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.com, Arbutus Biopharma presently has an average rating of "Moderate Buy" and a consensus target price of $5.00.
Check Out Our Latest Report on ABUS
About Arbutus Biopharma
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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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