Arbutus Biopharma (NASDAQ:ABUS) Stock Price Up 4.1% After Earnings Beat

Arbutus Biopharma Co. (NASDAQ:ABUS) shares rose 4.1% during trading on Friday following a better than expected earnings announcement. The company traded as high as $3.38 and last traded at $3.41. Approximately 167,925 shares changed hands during trading, a decline of 84% from the average daily volume of 1,030,959 shares. The stock had previously closed at $3.27.

The biopharmaceutical company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $1.57 million during the quarter, compared to analyst estimates of $2.20 million. Arbutus Biopharma had a negative return on equity of 68.18% and a negative net margin of 1,137.65%.

Wall Street Analysts Forecast Growth

ABUS has been the topic of several research analyst reports. StockNews.com cut shares of Arbutus Biopharma from a “hold” rating to a “sell” rating in a research report on Thursday, March 13th. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Arbutus Biopharma in a research note on Tuesday, January 21st. Finally, Chardan Capital reaffirmed a “buy” rating and set a $5.00 price objective on shares of Arbutus Biopharma in a research report on Friday. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Institutional Investors Weigh In On Arbutus Biopharma

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in shares of Arbutus Biopharma by 5.7% in the fourth quarter. Invesco Ltd. now owns 69,831 shares of the biopharmaceutical company’s stock worth $228,000 after purchasing an additional 3,780 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Arbutus Biopharma by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 40,179 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 3,870 shares during the last quarter. Clear Harbor Asset Management LLC grew its stake in shares of Arbutus Biopharma by 6.7% in the 4th quarter. Clear Harbor Asset Management LLC now owns 79,761 shares of the biopharmaceutical company’s stock worth $261,000 after buying an additional 5,000 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Arbutus Biopharma by 18.7% in the 4th quarter. Teacher Retirement System of Texas now owns 42,144 shares of the biopharmaceutical company’s stock worth $138,000 after buying an additional 6,644 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Arbutus Biopharma by 10.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 89,397 shares of the biopharmaceutical company’s stock valued at $292,000 after buying an additional 8,308 shares in the last quarter. 43.79% of the stock is currently owned by hedge funds and other institutional investors.

Arbutus Biopharma Trading Up 4.4 %

The firm’s 50-day moving average price is $3.33 and its 200-day moving average price is $3.58. The stock has a market capitalization of $647.12 million, a PE ratio of -7.96 and a beta of 1.93.

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.