Arbutus Biopharma (NASDAQ:ABUS) Sees Large Volume Increase – Here’s What Happened

Shares of Arbutus Biopharma Corporation (NASDAQ:ABUS) saw unusually-strong trading volume on Tuesday. 4,622,457 shares were traded during mid-day trading, an increase of 73% from the previous session’s volume of 2,674,178 shares. The stock last traded at $4.7950 and had previously closed at $4.86.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Arbutus Biopharma from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings raised Arbutus Biopharma from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.00.

Arbutus Biopharma Price Performance

The company has a 50 day moving average price of $4.84 and a 200-day moving average price of $4.59. The stock has a market capitalization of $946.97 million, a PE ratio of 6.05 and a beta of 0.62.

Arbutus Biopharma (NASDAQ:ABUS) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $1.01 million during the quarter, compared to analysts’ expectations of $0.70 million. Arbutus Biopharma had a return on equity of 90.98% and a net margin of 84.22%.

Arbutus Biopharma announced that its Board of Directors has approved a share buyback plan on Friday, August 21st that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the biopharmaceutical company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Arbutus Biopharma

Several large investors have recently made changes to their positions in the business. Squarepoint Ops LLC purchased a new position in Arbutus Biopharma during the second quarter valued at $999,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Arbutus Biopharma in the 2nd quarter worth about $201,000. AXQ Capital LP bought a new stake in Arbutus Biopharma during the 2nd quarter valued at about $120,000. Two Sigma Securities LLC purchased a new position in Arbutus Biopharma in the second quarter worth about $113,000. Finally, Wellington Management Group LLP grew its holdings in shares of Arbutus Biopharma by 4.7% during the second quarter. Wellington Management Group LLP now owns 461,646 shares of the biopharmaceutical company’s stock valued at $2,216,000 after buying an additional 20,722 shares during the last quarter. 43.79% of the stock is currently owned by hedge funds and other institutional investors.

Arbutus Biopharma Company Profile

Arbutus Biopharma Corporation (NASDAQ: ABUS) is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B virus (HBV) infection. Its research is aimed at addressing multiple stages of the HBV lifecycle and developing therapies that may improve long-term viral suppression and support a functional cure.

The company’s pipeline has included AB-729, an RNA interference-based therapy designed to reduce hepatitis B surface antigen, and AB-836, an orally administered capsid assembly modulator intended to interfere with HBV replication.