B.Riley FBR analyst Mayank Mamtani maintained a Buy rating on Arbutus Biopharma Corporation (ABUS) today and set a price target of $9. The company’s shares opened today at $3.74, close to its 52-week low of $3.20.
Mamtani noted:
“after market close, Arbutus Biopharma Corporation (ABUS) reported 4Q18 financial results and shared corporate updates, mainly relating to the progress of three key Hep- B programs, AB-506 (capsid inhibitor), AB-729 (RNAi), and AB-452 (RNA destabilizer). (1.21) came behind our/consensus estimates of (1.0)/(1.18). We are updating our model to reflect 4Q18 financial results. We maintain our Buy rating, $9 PT, and highlight key data catalysts emerging for ABUS through the course of 2019 beginning with AB-506 Ph. I readout in 2Q.”
According to TipRanks.com, Mamtani is a 2-star analyst with an average return of 1.9% and a 36.8% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Madrigal Pharmaceuticals Inc, and Allena Pharmaceuticals Inc.
Currently, the analyst consensus on Arbutus Biopharma Corporation is a Moderate Buy with an average price target of $7.75, a 107.2% upside from current levels. In a report issued on March 8, Chardan Capital also reiterated a Buy rating on the stock with a $6.50 price target.
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Based on Arbutus Biopharma Corporation’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $24.47 million. In comparison, last year the company had a GAAP net loss of $35.93 million.
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Arbutus Biopharma Corp. engages in discovering, developing and commercializing a cure for patients suffering from chronic Hepatitis B virus infection. The company was founded on October 6, 2005 and is headquartered in Burnaby, Canada.
