5 Penny Stocks With Biggest Upside

4. Arbutus Biopharma Corporation (NASDAQ:ABUS)

Number of Hedge Fund Holders: 14  

Share Price as of December 20: $2.42

Arbutus Biopharma Corporation (NASDAQ:ABUS) is a biopharmaceutical company that develops novel therapeutics for chronic Hepatitis B virus (HBV) infection, SARS-CoV-2, and other viruses in the United States. The firm recently posted earnings for the third quarter of 2022. The total revenue of the company grew 78.1% to $5.95 million. Arbutus said that the increase was mainly due to $2.3 million of revenue recognition from its license agreement with Qilu based on employee labor hours expended by the company during the third quarter of 2022.

On November 10, investment advisory H.C. Wainwright maintained a Buy rating on Arbutus Biopharma Corporation (NASDAQ:ABUS) stock and lowered the price target to $6 from $7.50.  Analyst Ed Arce issued the ratings update. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Seas Capital is a leading shareholder in Arbutus Biopharma Corporation (NASDAQ:ABUS) with 5.6 million shares worth more than $10.8 million.