Arbutus Biopharma (NASDAQ:ABUS) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Arbutus Biopharma (NASDAQ:ABUS) posted its earnings results on Wednesday. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01, Zacks reports. Arbutus Biopharma had a negative return on equity of 59.28% and a negative net margin of 352.24%.

Arbutus Biopharma Price Performance

Shares of NASDAQ:ABUS traded down $0.20 during trading hours on Thursday, hitting $4.65. 647,403 shares of the company’s stock traded hands, compared to its average volume of 951,312. The firm has a market capitalization of $890.44 million, a P/E ratio of -15.98 and a beta of 1.07. The business has a fifty day moving average price of $4.45 and a 200-day moving average price of $3.74. Arbutus Biopharma has a 1 year low of $2.70 and a 1 year high of $5.10.

Analyst Upgrades and Downgrades

ABUS has been the subject of a number of analyst reports. Wall Street Zen lowered Arbutus Biopharma from a “buy” rating to a “hold” rating in a research report on Friday, September 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Arbutus Biopharma in a research note on Wednesday, October 8th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $5.00 price target on shares of Arbutus Biopharma in a research report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.00.

Institutional Investors Weigh In On Arbutus Biopharma

Several hedge funds have recently modified their holdings of ABUS. Russell Investments Group Ltd. boosted its position in Arbutus Biopharma by 186.0% in the third quarter. Russell Investments Group Ltd. now owns 22,739 shares of the biopharmaceutical company’s stock valued at $103,000 after buying an additional 14,787 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Arbutus Biopharma by 14.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 98,229 shares of the biopharmaceutical company’s stock valued at $446,000 after acquiring an additional 12,152 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Arbutus Biopharma by 220.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 20,760 shares of the biopharmaceutical company’s stock valued at $64,000 after acquiring an additional 14,275 shares during the last quarter. Exome Asset Management LLC acquired a new stake in shares of Arbutus Biopharma in the second quarter worth $233,000. Finally, Rafferty Asset Management LLC raised its holdings in shares of Arbutus Biopharma by 6.7% during the second quarter. Rafferty Asset Management LLC now owns 88,454 shares of the biopharmaceutical company’s stock worth $273,000 after purchasing an additional 5,590 shares during the last quarter. Hedge funds and other 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.