Arbutus Biopharma Corp (ABUS): Are Hedge Funds Right About This Stock?

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Arbutus Biopharma Corp (NASDAQ:ABUS) but similarly valued. We will take a look at NACCO Industries, Inc. (NYSE:NC), Egalet Corp (NASDAQ:EGLT), Peapack-Gladstone Financial Corp (NASDAQ:PGC), and Covenant Transportation Group, Inc. (NASDAQ:CVTI). This group of stocks’ market valuations resemble ABUS’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $28 million. That figure was $160 million in ABUS’s case. Covenant Transportation Group, Inc. (NASDAQ:CVTI) is the most popular stock in this table. On the other hand NACCO Industries, Inc. (NYSE:NC) is the least popular one with only 5 bullish hedge fund positions. Arbutus Biopharma Corp (NASDAQ:ABUS) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CVTI might be a better candidate to consider a long position.