5 Penny Stocks to Buy in March

3. Arbutus Biopharma Corporation (NASDAQ:ABUS)

Number of Hedge Fund Holders: 13

Share Price (as of March 3): $2.95

Arbutus Biopharma Corporation (NASDAQ:ABUS) is a biopharmaceutical company which specializes in therapies for chronic Hepatitis B Virus (HBV) infections. On March 3, Chardan Capital analyst Keay Nakae reiterated a Buy rating on Arbutus Biopharma Corporation (NASDAQ:ABUS), and set a price target of $6.00, up from $5.50. In December, research firm JMP Securities also gave the firm a ‘Buy’ rating and a price target of $9.

Arbutus Biopharma Corporation (NASDAQ:ABUS) in December entered into an exclusive licensing agreement and strategic partnership with China’s Qilu Pharmaceutical, to develop and commercialize the AB-729 therapy for Hepatitis B virus (HBV) in China, Hong Kong, Taiwan and Macau. This deal will see Arbutus Biopharma Corporation (NASDAQ:ABUS) receive $40 million cash and a $15 million in an equity investment. In December last year, Arbutus Biopharma Corporation (NASDAQ:ABUS) won in its patent dispute with Moderna, maker of the Covid-19 vaccine, involving its licensed four-lipid nanoparticles delivery system.

In the fourth quarter, Arbutus Biopharma Corporation (NASDAQ:ABUS) posted an EPS of -$0.15, which beat consensus estimates by $0.05. The company’s revenue for the quarter stood at $3.20 million, up 34.82% year-on-year and above analysts’ forecasts by $328,000.

As of the fourth quarter, Millennium Management was the leading shareholder of Arbutus Biopharma Corporation (NASDAQ:ABUS), having upped its stake by 198% over the previous quarter to a position comprising of more than 3 million shares valued at $11.8 million. In total, 13 hedge funds were bullish on Arbutus Biopharma Corporation (NASDAQ:ABUS) in the fourth quarter of 2021.