Arbutus Biopharma Corporation (NASDAQ:ABUS) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 418,041 shares, a drop of 24.0% from the August 15th total of 550,388 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 88,979 shares, the days-to-cover ratio is currently 4.7 days.

In related news, insider Michael J. Sofia sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $3.70, for a total transaction of $111,000.00. Following the completion of the transaction, the insider now owns 1,563,403 shares of the company’s stock, valued at $5,784,591.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.00% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Arbutus Biopharma Corporation by 2.7% during the second quarter. Vanguard Group Inc. now owns 77,413 shares of the biopharmaceutical company’s stock worth $279,000 after acquiring an additional 2,035 shares during the last quarter. OxFORD Asset Management LLP raised its position in shares of Arbutus Biopharma Corporation by 89.9% during the second quarter. OxFORD Asset Management LLP now owns 83,310 shares of the biopharmaceutical company’s stock worth $300,000 after acquiring an additional 39,436 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Arbutus Biopharma Corporation by 785.1% during the first quarter. Renaissance Technologies LLC now owns 124,573 shares of the biopharmaceutical company’s stock worth $405,000 after acquiring an additional 110,499 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Arbutus Biopharma Corporation during the second quarter worth $478,000. Finally, Bank of Montreal Can raised its position in shares of Arbutus Biopharma Corporation by 1.9% during the second quarter. Bank of Montreal Can now owns 874,254 shares of the biopharmaceutical company’s stock worth $3,147,000 after acquiring an additional 16,535 shares during the last quarter. Institutional investors own 67.06% of the company’s stock.

ABUS has been the subject of several research reports. Ladenburg Thalmann Financial Services initiated coverage on Arbutus Biopharma Corporation in a research note on Friday, June 2nd. They set a “buy” rating and a $32.00 target price for the company. Zacks Investment Research raised Arbutus Biopharma Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Chardan Capital reaffirmed a “buy” rating on shares of Arbutus Biopharma Corporation in a research note on Monday, August 7th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.81.

Arbutus Biopharma Corporation (NASDAQ:ABUS) opened at 5.00 on Friday. Arbutus Biopharma Corporation has a 52-week low of $2.35 and a 52-week high of $5.05. The company has a 50 day moving average price of $3.96 and a 200-day moving average price of $3.53. The firm’s market cap is $275.13 million.

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About Arbutus Biopharma Corporation

Arbutus Biopharma Corporation, formerly Tekmira Pharmaceuticals Corporation, is a therapeutic solutions company. The Company is engaged in discovering, developing and commercializing a cure for patients suffering from chronic hepatitis B infection (HBV), a disease of the liver caused by the hepatitis B virus (HBV).

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