In a report released today, Mayank Mamtani from B.Riley FBR reiterated a Buy rating on Arbutus Biopharma Corporation (ABUS), with a price target of $7. The company’s shares closed yesterday at $2.34, close to its 52-week low of $1.42.
Mamtani noted:
“Corporation (ABUS) released mixed clinical results: preliminary Ph. Ia/Ib data for AB-506, an oral HBV capsid inhibitor, in healthy volunteers (HVs; n=33) and two cohorts of chronic hepatitis-B (CHB; n=24) subjects. This followed the regulatory clearance for AB-729, HBV RNai agent, on 6/20, to advance to Ph. Ia/Ib trial and two recent, positive corporate updates: (1) the recent appointment of a new CEO, i.e., hepatology industry veteran an extended cash runway from a recent royalty-based deal with OMERS. Overall, drug development for Hep-B sponsors has remained challenging, also reflected in ABUS’s equity underperformance YTD (–39%, vs +20% for XBI YTD) that has somewhat been exacerbated by program delays noted in 1H19 ( link).”
According to TipRanks.com, Mamtani is a 1-star analyst with an average return of -4.7% and a 32.7% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Madrigal Pharmaceuticals Inc, and Allena Pharmaceuticals Inc.
Arbutus Biopharma Corporation has an analyst consensus of Moderate Buy, with a price target consensus of $6, a 156.4% upside from current levels. In a report released today, Chardan Capital also reiterated a Buy rating on the stock with a $5 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 $23.25 million. In comparison, last year the company had a net profit of $3.09 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.
