Arbutus Biopharma (NASDAQ:ABUS) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Arbutus Biopharma Corporation (NASDAQ:ABUS) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.32 and traded as high as $3.58. Arbutus Biopharma shares last traded at $3.58, with a volume of 977,320 shares.

Analysts Set New Price Targets

A number of brokerages have commented on ABUS. Chardan Capital reissued a “buy” rating and set a $5.00 price objective on shares of Arbutus Biopharma in a report on Monday, August 11th. Wall Street Zen upgraded Arbutus Biopharma from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Arbutus Biopharma presently has a consensus rating of “Buy” and a consensus price target of $5.50.

Arbutus Biopharma Stock Up 2.6%

The firm has a 50-day simple moving average of $3.31 and a 200-day simple moving average of $3.32. The stock has a market cap of $686.29 million, a PE ratio of -12.34 and a beta of 0.86.

Arbutus Biopharma (NASDAQ:ABUS) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. Arbutus Biopharma had a negative return on equity of 59.28% and a negative net margin of 352.24%.The company had revenue of $10.74 million during the quarter, compared to analysts’ expectations of $2.21 million. On average, research analysts expect that Arbutus Biopharma Corporation will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Arbutus Biopharma

Large investors have recently added to or reduced their stakes in the business. Woodline Partners LP boosted its stake in Arbutus Biopharma by 45.4% during the fourth quarter. Woodline Partners LP now owns 971,628 shares of the biopharmaceutical company’s stock valued at $3,177,000 after buying an additional 303,475 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Arbutus Biopharma in the 4th quarter worth approximately $662,000. Hsbc Holdings PLC bought a new position in shares of Arbutus Biopharma in the 4th quarter worth $55,000. Northern Trust Corp increased its holdings in shares of Arbutus Biopharma by 8.3% in the 4th quarter. Northern Trust Corp now owns 1,330,683 shares of the biopharmaceutical company’s stock worth $4,351,000 after buying an additional 102,241 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Arbutus Biopharma by 77.9% in the 4th quarter. Deutsche Bank AG now owns 171,766 shares of the biopharmaceutical company’s stock worth $562,000 after buying an additional 75,212 shares during the last quarter. Institutional investors own 43.79% of the company’s stock.

About Arbutus Biopharma

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.