Arbutus Biopharma Co. (NASDAQ:ABUS) Sees Significant Drop in Short Interest

Arbutus Biopharma Co. (NASDAQ:ABUS) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 6,060,000 shares, a decline of 8.7% from the August 15th total of 6,640,000 shares. Based on an average trading volume of 1,050,000 shares, the days-to-cover ratio is currently 5.8 days.

Arbutus Biopharma Stock Down 4.2 %

Shares of NASDAQ:ABUS opened at $4.08 on Wednesday. Arbutus Biopharma has a 52-week low of $1.69 and a 52-week high of $4.72. The stock has a market cap of $769.97 million, a P/E ratio of -9.27 and a beta of 1.92. The business’s 50 day moving average is $3.89 and its 200 day moving average is $3.27.

Arbutus Biopharma (NASDAQ:ABUS) last announced its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The firm had revenue of $1.73 million during the quarter, compared to the consensus estimate of $1.54 million. Arbutus Biopharma had a negative return on equity of 66.68% and a negative net margin of 766.20%. During the same period last year, the company earned ($0.10) EPS. On average, sell-side analysts anticipate that Arbutus Biopharma will post -0.38 EPS for the current fiscal year.

Institutional Trading of Arbutus Biopharma

A number of hedge funds have recently bought and sold shares of ABUS. Rubric Capital Management LP purchased a new stake in Arbutus Biopharma during the second quarter worth $5,195,000. Susquehanna Fundamental Investments LLC lifted its holdings in Arbutus Biopharma by 102.2% during the second quarter. Susquehanna Fundamental Investments LLC now owns 208,152 shares of the biopharmaceutical company’s stock worth $643,000 after buying an additional 105,228 shares during the period. Bank of New York Mellon Corp lifted its holdings in Arbutus Biopharma by 21.1% during the second quarter. Bank of New York Mellon Corp now owns 493,729 shares of the biopharmaceutical company’s stock worth $1,526,000 after buying an additional 86,104 shares during the period. BNP Paribas Financial Markets lifted its holdings in Arbutus Biopharma by 19.7% during the first quarter. BNP Paribas Financial Markets now owns 349,435 shares of the biopharmaceutical company’s stock worth $902,000 after buying an additional 57,390 shares during the period. Finally, Kennedy Capital Management LLC lifted its holdings in Arbutus Biopharma by 12.7% during the first quarter. Kennedy Capital Management LLC now owns 436,506 shares of the biopharmaceutical company’s stock worth $1,126,000 after buying an additional 49,265 shares during the period. Hedge funds and other institutional investors own 43.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABUS shares. JMP Securities upped their target price on Arbutus Biopharma from $4.00 to $5.00 and gave the company a “market outperform” rating in a research note on Friday, August 2nd. StockNews.com raised Arbutus Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 10th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of Arbutus Biopharma in a research note on Thursday, June 6th. Chardan Capital reaffirmed a “buy” rating and set a $4.00 target price on shares of Arbutus Biopharma in a research note on Wednesday, June 5th. Finally, Jefferies Financial Group upped their target price on Arbutus Biopharma from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.25.

Arbutus Biopharma Company Profile

Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection in the United States. Its HBV product pipeline consists of imdusiran (AB-729), a proprietary subcutaneously-delivered RNAi therapeutic product candidate that suppresses all HBV antigens, including HBsAg expression.