Chardan Capital analyst Keay Nakae maintained a Buy rating on Arbutus Biopharma Corporation (NASDAQ: ABUS) on July 11 and set a price target of $11. The company’s shares closed on Friday at $11.70, close to its 52-week high of $12.05.
Nakae wrote:
“We maintain our BUY rating and are increasing our 12-month price target to $11.00: We continue to believe that Arbutus has the potential to become a significant competitor in the chronic hepatitis B virus (HBV) infection treatment market. We believe that future progress updates from its pipeline programs could serve as potential value creation events for the stock over the next 12-18 months. First up will be interim data in 2 study of the Company’s lead RNAi asset, ARB-1467, used as combination therapy for HBV. The Company’s second generation capsid assembly inhibitor, ARB-506, is now being evaluated in a Phase 1 study, which dosed its first patient yesterday, in an initial cohort of healthy human volunteers, and could report topline data by mid-2019.”
According to TipRanks.com, Nakae has 0 stars on 0-5 star ranking scale with an average return of -18.1% and a 32.8% success rate. Nakae covers the Healthcare sector, focusing on stocks such as Arrowhead Research, Dicerna Pharma, and ContraFect.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arbutus Biopharma Corporation with a $8.63 average price target.
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Based on Arbutus Biopharma Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $17.43 million. In comparison, last year the company had a GAAP net loss of $18.26 million.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ABUS in relation to earlier this year.
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Arbutus Biopharma Corp. is a biopharmaceutical company, 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.
