The stock of Arbutus Biopharma Corporation (NASDAQ:ABUS) is now priced at $2.91 and the shares are -0.12 points down or -3.96% lower compared to its previous closing price of $3.03. The stock had 1.782 million contracts set over the past session. ABUS shares’ daily volume is compared to its average trading volume at 8.766 million shares. However, it has a float of 60.15 million and although its performance was -3.32% over the week, it’s one to watch. Analysts have given the ABUS stock a yearly average price target of $5.17 per share. It means the stock’s upside potential is 77.66% with the ABUS share price recently placing at $2.85 to $2.95. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Arbutus Biopharma Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ABUS shares have risen. Short interest in the stock represents just 4.38% of its float, but the volume has raised by 670416. The volume of shorted shares rised to 2.635 million from 1.965 million shares over the last two weeks. The average intraday trading volume has been 6.933 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Arbutus Biopharma Corporation (NASDAQ:ABUS) dropped by -$0.1 over the week and lost -$0.92 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.02. The stock recorded its established 52-week high on 07/24/20.
Since 10/21/19, the stock has traded to a low of $0.82 at 254.27%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.93. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Arbutus Biopharma Corporation’s two-week RSI is 43.23. This suggests that the stock is neutral at the moment and that ABUS shares’ price movement remains stable. The stochastic readings are equally revealing at 10.84% meaning the ABUS share price is currently in overbought territory.
The technical chart shows that the ABUS stock will likely settle at between $2.96 and $3 per share. However, if the stock dips below $2.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.8.
Currently, the stock is trading in the red of MACD, with a reading of -0.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned ABUS a rating of Mkt Outperform in their resuming review released on July 27. Robert W. Baird analysts downgraded their recommendation of the stock from Outperform to Neutral in a flash note released to investors on July 24. Wedbush seeing the improvements upgraded the stock from Neutral to Outperform on May 19.
The average rating for the ABUS equity is 2 and is currently gathering a bullish momentum. Of 6 analysts tracking Arbutus Biopharma Corporation polled by Reuters, 1 rated ABUS as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.