Arbutus Biopharma (NASDAQ:ABUS) Sees Strong Trading Volume – Here’s What Happened

Arbutus Biopharma Co. (NASDAQ:ABUS) shares saw an uptick in trading volume on Tuesday . 1,058,583 shares traded hands during trading, an increase of 54% from the previous session’s volume of 689,275 shares.The stock last traded at $3.45 and had previously closed at $3.27.

Analysts Set New Price Targets

Several brokerages have commented on ABUS. JMP Securities raised their target price on shares of Arbutus Biopharma to $5.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Chardan Capital reaffirmed a “buy” rating and issued a $5.00 price objective (up previously from $4.50) on shares of Arbutus Biopharma in a research note on Wednesday, November 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $5.00 price objective on shares of Arbutus Biopharma in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

Arbutus Biopharma Stock Up 4.3 %

The firm has a market capitalization of $646.17 million, a PE ratio of -7.93 and a beta of 1.78. The business’s 50-day moving average price is $3.53 and its 200-day moving average price is $3.71.

Institutional Investors Weigh In On Arbutus Biopharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in shares of Arbutus Biopharma by 21.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 493,729 shares of the biopharmaceutical company’s stock worth $1,526,000 after purchasing an additional 86,104 shares in the last quarter. Rhumbline Advisers lifted its stake in Arbutus Biopharma by 8.6% in the second quarter. Rhumbline Advisers now owns 185,067 shares of the biopharmaceutical company’s stock valued at $572,000 after acquiring an additional 14,607 shares during the last quarter. XTX Topco Ltd bought a new stake in Arbutus Biopharma in the second quarter worth approximately $53,000. Rubric Capital Management LP acquired a new position in shares of Arbutus Biopharma during the 2nd quarter worth $5,195,000. Finally, Bank of Montreal Can raised its holdings in shares of Arbutus Biopharma by 6.1% during the 2nd quarter. Bank of Montreal Can now owns 354,813 shares of the biopharmaceutical company’s stock valued at $1,100,000 after purchasing an additional 20,548 shares in 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.