Arbutus Biopharma (NASDAQ:ABUS) Shares Up 7.3% – Here’s What Happened

Shares of Arbutus Biopharma Co. (NASDAQ:ABUS) shot up 7.3% during mid-day trading on Wednesday . The stock traded as high as $3.66 and last traded at $3.66. 363,116 shares changed hands during trading, a decline of 67% from the average session volume of 1,096,294 shares. The stock had previously closed at $3.41.

Wall Street Analysts Forecast Growth

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

Arbutus Biopharma Price Performance

The company has a market capitalization of $708.69 million, a price-to-earnings ratio of -8.51 and a beta of 1.84. The firm has a 50-day moving average price of $3.79 and a two-hundred day moving average price of $3.68.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ABUS. State Street Corp raised its stake in Arbutus Biopharma by 50.2% during the 3rd quarter. State Street Corp now owns 4,407,133 shares of the biopharmaceutical company’s stock worth $16,967,000 after buying an additional 1,472,652 shares during the period. Geode Capital Management LLC raised its position in Arbutus Biopharma by 4.1% in the third quarter. Geode Capital Management LLC now owns 3,448,600 shares of the biopharmaceutical company’s stock worth $13,280,000 after acquiring an additional 135,442 shares during the period. Rubric Capital Management LP bought a new stake in shares of Arbutus Biopharma in the second quarter valued at approximately $5,195,000. Charles Schwab Investment Management Inc. raised its position in shares of Arbutus Biopharma by 218.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,212,246 shares of the biopharmaceutical company’s stock valued at $4,667,000 after purchasing an additional 831,663 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Arbutus Biopharma by 4.6% during the 3rd quarter. Wellington Management Group LLP now owns 496,818 shares of the biopharmaceutical company’s stock worth $1,913,000 after acquiring an additional 21,807 shares during the period. 43.79% of the stock is currently owned by institutional investors.

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.