Principal Financial Group Inc. Trims Stock Holdings in Arbutus Biopharma Co. (NASDAQ:ABUS)

Principal Financial Group Inc. cut its holdings in shares of Arbutus Biopharma Co. (NASDAQ:ABUS) by 47.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,755 shares of the biopharmaceutical company’s stock after selling 12,352 shares during the period. Principal Financial Group Inc.’s holdings in Arbutus Biopharma were worth $53,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Rubric Capital Management LP purchased a new stake in shares of Arbutus Biopharma in the second quarter valued at about $5,195,000. Bank of New York Mellon Corp increased its position in Arbutus Biopharma by 21.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 493,729 shares of the biopharmaceutical company’s stock valued at $1,526,000 after acquiring an additional 86,104 shares during the period. Kennedy Capital Management LLC raised its stake in Arbutus Biopharma by 12.7% during the 1st quarter. Kennedy Capital Management LLC now owns 436,506 shares of the biopharmaceutical company’s stock valued at $1,126,000 after acquiring an additional 49,265 shares during the last quarter. Bank of Montreal Can lifted its position in Arbutus Biopharma by 6.1% during the 2nd quarter. Bank of Montreal Can now owns 354,813 shares of the biopharmaceutical company’s stock worth $1,100,000 after acquiring an additional 20,548 shares during the period. Finally, Susquehanna Fundamental Investments LLC grew its stake in shares of Arbutus Biopharma by 102.2% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 208,152 shares of the biopharmaceutical company’s stock valued at $643,000 after purchasing an additional 105,228 shares during the last quarter. 43.79% of the stock is owned by institutional investors and hedge funds.

Arbutus Biopharma Stock Performance

Arbutus Biopharma stock opened at $3.41 on Wednesday. The firm has a market capitalization of $646.16 million, a price-to-earnings ratio of -7.93 and a beta of 1.92. Arbutus Biopharma Co. has a fifty-two week low of $1.79 and a fifty-two week high of $4.72. The stock’s fifty day moving average is $3.85 and its two-hundred day moving average is $3.66.

Analyst Upgrades and Downgrades

ABUS has been the subject of several recent research reports. StockNews.com raised Arbutus Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 10th. JMP Securities raised their target price on shares of Arbutus Biopharma to $5.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Jefferies Financial Group boosted their price target on shares of Arbutus Biopharma from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. HC Wainwright restated a “buy” rating and issued a $5.00 price objective on shares of Arbutus Biopharma in a research report on Monday, November 18th. Finally, Chardan Capital reiterated a “buy” rating and set a $5.00 target price (up previously from $4.50) on shares of Arbutus Biopharma in a research report on Wednesday, November 20th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

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.