Wedbush Downgrades Arbutus Biopharma (ABUS) to Underperform

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Wedbush lowered shares of Arbutus Biopharma (NASDAQ:ABUS) from a neutral rating to an underperform rating in a report issued on Tuesday, Marketbeat reports. Wedbush currently has $5.00 price target on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued reports about the stock. B. Riley cut shares of Arbutus Biopharma from a buy rating to a neutral rating and set a $9.00 price target on the stock. in a research note on Friday, July 6th. Zacks Investment Research cut shares of Arbutus Biopharma from a hold rating to a sell rating in a research note on Wednesday, August 8th. BidaskClub raised shares of Arbutus Biopharma from a buy rating to a strong-buy rating in a research note on Thursday, June 21st. Finally, Chardan Capital reaffirmed a buy rating and set a $11.00 price target on shares of Arbutus Biopharma in a research note on Monday, July 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $7.60.

Arbutus Biopharma stock opened at $4.31 on Tuesday. Arbutus Biopharma has a 12-month low of $4.06 and a 12-month high of $12.60. The stock has a market cap of $523.57 million, a price-to-earnings ratio of -2.47 and a beta of 0.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 13.67 and a current ratio of 13.67.

Arbutus Biopharma (NASDAQ:ABUS) last released its quarterly earnings results on Thursday, August 2nd. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.09). Arbutus Biopharma had a negative return on equity of 75.07% and a negative net margin of 515.00%. The firm had revenue of $1.20 million for the quarter. As a group, equities research analysts expect that Arbutus Biopharma will post -1.62 EPS for the current fiscal year.

In other Arbutus Biopharma news, insider Michael J. Sofia sold 4,250 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $9.51, for a total transaction of $40,417.50. Following the sale, the insider now directly owns 1,499,153 shares of the company’s stock, valued at approximately $14,256,945.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 7.60% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABUS. BlackRock Inc. boosted its position in shares of Arbutus Biopharma by 246.6% in the second quarter. BlackRock Inc. now owns 2,391,143 shares of the biopharmaceutical company’s stock worth $17,455,000 after acquiring an additional 1,701,237 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $6,897,000. Northern Trust Corp acquired a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $2,164,000. Bank of New York Mellon Corp acquired a new stake in shares of Arbutus Biopharma in the second quarter worth approximately $609,000. Finally, Millennium Management LLC boosted its position in shares of Arbutus Biopharma by 559.4% in the second quarter. Millennium Management LLC now owns 87,089 shares of the biopharmaceutical company’s stock worth $636,000 after acquiring an additional 73,882 shares during the last quarter. 40.05% of the stock is currently owned by institutional investors and hedge funds.

Arbutus Biopharma Company Profile

Arbutus Biopharma Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of a cure for patients suffering from chronic Hepatitis B virus (HBV) infection in Canada and the United States. It also develops a pipeline of products based on RNA interference therapeutics (RNAi).

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Analyst Recommendations for Arbutus Biopharma (NASDAQ:ABUS)

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