Price Don’t Lie: Could Arbutus Biopharma Corp Change Direction After Today’s Gap Down?

Price Don't Lie: Could Arbutus Biopharma Corp Change Direction After Today's Gap Down?

The stock of Arbutus Biopharma Corp (NASDAQ:ABUS) gapped down by $0.03 today and has $3.10 target or 10.00% below today’s $3.44 share price. The 6 months technical chart setup indicates high risk for the $192.97M company. The gap down was reported on Oct, 1 by If the $3.10 price target is reached, the company will be worth $19.30 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 11.57% or $0.45 during the last trading session, hitting $3.44. About 860,300 shares traded hands or 745.15% up from the average. Arbutus Biopharma Corp (NASDAQ:ABUS) has risen 8.86% since February 29, 2016 and is uptrending. It has underperformed by 1.56% the S&P500.

Analysts await Arbutus Biopharma Corp (NASDAQ:ABUS) to report earnings on November, 3. They expect $-0.57 EPS, down 35.71% or $0.15 from last year’s $-0.42 per share. After $-0.35 actual EPS reported by Arbutus Biopharma Corp for the previous quarter, Wall Street now forecasts 62.86% negative EPS growth.

Arbutus Biopharma Corp (NASDAQ:ABUS) Ratings Coverage

Out of 5 analysts covering Arbutus Biopharma (NASDAQ:ABUS), 3 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 60% are positive. Arbutus Biopharma has been the topic of 9 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Chardan Capital Markets given on Thursday, June 16. The stock has “Outperform” rating given by Wedbush on Friday, August 7. The firm has “Mkt Outperform” rating given on Wednesday, September 2 by JMP Securities. The rating was initiated by Chardan Capital Markets on Monday, May 16 with “Sell”. Wedbush initiated the stock with “Outperform” rating in Friday, August 7 report. The stock has “Sell” rating given by Chardan Capital Markets on Friday, July 8. The firm earned “Outperform” rating on Friday, November 6 by RBC Capital Markets. The rating was downgraded by Leerink Swann on Friday, August 5 to “Market Perform”.

According to Zacks Investment Research, “Arbutus Biopharma Corporation is a biopharmaceutical company which is focused on discovering, developing and commercializing a portfolio of drug candidates for chronic hepatitis B infection. The Company’s products include TKM-HBV, Cyclophilin Inhibitor-OCB-030, TLR9 Agonist (CYT-003), Capsid Assembly Inhibitors, Surface Antigen Secretion Inhibitors, STING Agonists, cccDNA Formation Inhibitors, cccDNA Epigenetic Modifiers, TKM-PLK1, GI-NET and ACC, HCC, TKM-Ebola, TKM-Ebola-Guinea, TKM-Marburg, TKM-HTG and TKM-ALDH which are in different clinical trial stage. Arbutus Biopharma Corp, formerly known as Tekmira Pharmaceuticals Corporation, is headquartered in Vancouver, BC.”

More recent Arbutus Biopharma Corp (NASDAQ:ABUS) news were published by: which released: “/quotes/zigman/3870025/realtime” on December 29, 2013. Also published the news titled: “Arbutus Biopharma (ABUS) Announces Results from Phase II Trial of ARB-1467 for …” on September 29, 2016.‘s news article titled: “Tekmira Announces Launch of Arbutus Biopharma, a Hepatitis B Solutions Company” with publication date: July 20, 2015 was also an interesting one.

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