Arbutus Biopharma Corporation (NASDAQ:ABUS) Sees Significant Increase in Short Interest

Arbutus Biopharma Corporation (NASDAQ:ABUS) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 34,053,358 shares, a growth of 84.2% from the September 15th total of 18,484,910 shares. Based on an average trading volume of 9,652,199 shares, the days-to-cover ratio is presently 3.5 days. Currently, 21.5% of the company’s stock are sold short.

Analysts Set New Price Targets

ABUS has been the subject of a number of research reports. Wall Street Zen downgraded Arbutus Biopharma from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded Arbutus Biopharma from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Institutional Trading of Arbutus Biopharma

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Seas Capital LP bought a new position in Arbutus Biopharma during the 2nd quarter worth $91,659,000. Whitefort Capital Management LP acquired a new stake in Arbutus Biopharma in the second quarter worth about $75,812,453. BlackRock Inc. acquired a new position in shares of Arbutus Biopharma during the second quarter valued at approximately $66,077,000. Rubric Capital Management LP raised its holdings in Arbutus Biopharma by 320.6% during the first quarter. Rubric Capital Management LP now owns 6,626,389 shares of the biopharmaceutical company’s stock worth $29,819,000 after purchasing an additional 5,051,013 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Arbutus Biopharma during the second quarter worth approximately $12,702,000. 43.79% of the stock is currently owned by institutional investors and hedge funds.

Arbutus Biopharma Stock Performance

Arbutus Biopharma stock opened at $4.29 on Friday. The firm’s 50-day moving average is $4.82 and its 200-day moving average is $4.59. Arbutus Biopharma has a 1 year low of $3.50 and a 1 year high of $5.45. The company has a market cap of $849.89 million, a P/E ratio of 5.30 and a beta of 0.76.

Arbutus Biopharma (NASDAQ:ABUS) last posted its quarterly 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). Arbutus Biopharma had a net margin of 84.22% and a return on equity of 90.98%. The business had revenue of $1.01 million during the quarter, compared to analyst estimates of $0.70 million.

Arbutus Biopharma declared that its board has approved a stock buyback plan on Friday, August 21st that authorizes the company to repurchase $0.00 in shares. This buyback authorization authorizes the biopharmaceutical company to repurchase shares of its stock through open market purchases. Share buyback plans are often a sign that the company’s board believes its shares are undervalued.

About Arbutus Biopharma

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B virus (HBV) infection and other viral diseases. The company’s research programs are based primarily on RNA interference (RNAi) therapeutics and small-molecule compounds designed to suppress viral replication and address the underlying biology of persistent infection.

Arbutus’ HBV pipeline has included AB-729, an investigational subcutaneously administered RNAi therapeutic intended to reduce hepatitis B surface antigen, and AB-836, an investigational oral capsid inhibitor designed to interfere with HBV replication.