Intrinsic value of Arbutus Biopharma - ABUS

Previous Close

$4.58

  Intrinsic Value

$0.45

stock screener

  Rating & Target

str. sell

-90%

Previous close

$4.58

 
Intrinsic value

$0.45

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of ABUS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.70
  18.23
  16.91
  15.72
  14.64
  13.68
  12.81
  12.03
  11.33
  10.70
  10.13
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.85
  5.77
  5.69
Revenue, $m
  13
  15
  18
  20
  23
  27
  30
  34
  38
  42
  46
  50
  55
  60
  65
  70
  75
  81
  87
  93
  99
  105
  112
  119
  127
  134
  142
  151
  159
  168
Variable operating expenses, $m
  4,234
  5,005
  5,849
  6,767
  7,757
  8,817
  9,946
  11,142
  12,403
  13,728
  15,109
  16,562
  18,077
  19,657
  21,301
  23,010
  24,788
  26,635
  28,554
  30,549
  32,622
  34,778
  37,020
  39,354
  41,783
  44,313
  46,949
  49,698
  52,566
  55,558
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,234
  5,005
  5,849
  6,767
  7,757
  8,817
  9,946
  11,142
  12,403
  13,728
  15,109
  16,562
  18,077
  19,657
  21,301
  23,010
  24,788
  26,635
  28,554
  30,549
  32,622
  34,778
  37,020
  39,354
  41,783
  44,313
  46,949
  49,698
  52,566
  55,558
Operating income, $m
  -4,221
  -4,990
  -5,832
  -6,747
  -7,734
  -8,791
  -9,916
  -11,108
  -12,365
  -13,687
  -15,063
  -16,512
  -18,023
  -19,597
  -21,236
  -22,941
  -24,713
  -26,554
  -28,468
  -30,456
  -32,523
  -34,673
  -36,908
  -39,234
  -41,656
  -44,179
  -46,807
  -49,548
  -52,406
  -55,389
EBITDA, $m
  -4,211
  -4,978
  -5,820
  -6,735
  -7,721
  -8,777
  -9,902
  -11,093
  -12,350
  -13,671
  -15,055
  -16,502
  -18,012
  -19,586
  -21,224
  -22,928
  -24,699
  -26,539
  -28,452
  -30,439
  -32,505
  -34,653
  -36,887
  -39,212
  -41,633
  -44,154
  -46,781
  -49,520
  -52,377
  -55,358
Interest expense (income), $m
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  41
Earnings before tax, $m
  -4,222
  -4,991
  -5,833
  -6,749
  -7,737
  -8,795
  -9,921
  -11,114
  -12,372
  -13,695
  -15,072
  -16,522
  -18,034
  -19,610
  -21,250
  -22,956
  -24,729
  -26,572
  -28,487
  -30,477
  -32,546
  -34,697
  -36,934
  -39,262
  -41,686
  -44,211
  -46,841
  -49,584
  -52,445
  -55,430
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -4,222
  -4,991
  -5,833
  -6,749
  -7,737
  -8,795
  -9,921
  -11,114
  -12,372
  -13,695
  -15,072
  -16,522
  -18,034
  -19,610
  -21,250
  -22,956
  -24,729
  -26,572
  -28,487
  -30,477
  -32,546
  -34,697
  -36,934
  -39,262
  -41,686
  -44,211
  -46,841
  -49,584
  -52,445
  -55,430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  132
  156
  183
  211
  242
  275
  311
  348
  387
  429
  472
  517
  565
  614
  666
  719
  774
  832
  892
  954
  1,019
  1,087
  1,157
  1,230
  1,306
  1,385
  1,467
  1,553
  1,642
  1,736
Adjusted assets (=assets-cash), $m
  132
  156
  183
  211
  242
  275
  311
  348
  387
  429
  472
  517
  565
  614
  666
  719
  774
  832
  892
  954
  1,019
  1,087
  1,157
  1,230
  1,306
  1,385
  1,467
  1,553
  1,642
  1,736
Revenue / Adjusted assets
  0.098
  0.096
  0.098
  0.095
  0.095
  0.098
  0.096
  0.098
  0.098
  0.098
  0.097
  0.097
  0.097
  0.098
  0.098
  0.097
  0.097
  0.097
  0.098
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  71
  84
  99
  114
  131
  149
  168
  188
  209
  232
  255
  280
  305
  332
  360
  388
  418
  450
  482
  516
  551
  587
  625
  664
  705
  748
  793
  839
  887
  938
Working capital, $m
  -28
  -33
  -39
  -45
  -52
  -59
  -66
  -74
  -83
  -92
  -101
  -110
  -121
  -131
  -142
  -153
  -165
  -178
  -190
  -204
  -218
  -232
  -247
  -263
  -279
  -296
  -313
  -332
  -351
  -371
Total debt, $m
  21
  33
  46
  60
  75
  91
  108
  126
  145
  165
  186
  208
  231
  255
  280
  306
  333
  361
  390
  420
  452
  484
  518
  554
  590
  629
  669
  710
  754
  799
Total liabilities, $m
  64
  76
  89
  102
  117
  133
  151
  169
  188
  208
  229
  251
  274
  298
  323
  349
  376
  404
  433
  463
  494
  527
  561
  596
  633
  672
  711
  753
  797
  842
Total equity, $m
  68
  80
  94
  109
  125
  142
  160
  179
  199
  221
  243
  266
  291
  316
  343
  370
  399
  429
  459
  492
  525
  560
  596
  633
  672
  713
  755
  800
  846
  894
Total liabilities and equity, $m
  132
  156
  183
  211
  242
  275
  311
  348
  387
  429
  472
  517
  565
  614
  666
  719
  775
  833
  892
  955
  1,019
  1,087
  1,157
  1,229
  1,305
  1,385
  1,466
  1,553
  1,643
  1,736
Debt-to-equity ratio
  0.310
  0.410
  0.490
  0.550
  0.600
  0.640
  0.670
  0.700
  0.730
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
Adjusted equity ratio
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4,222
  -4,991
  -5,833
  -6,749
  -7,737
  -8,795
  -9,921
  -11,114
  -12,372
  -13,695
  -15,072
  -16,522
  -18,034
  -19,610
  -21,250
  -22,956
  -24,729
  -26,572
  -28,487
  -30,477
  -32,546
  -34,697
  -36,934
  -39,262
  -41,686
  -44,211
  -46,841
  -49,584
  -52,445
  -55,430
Depreciation, amort., depletion, $m
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  31
Funds from operations, $m
  -4,211
  -4,980
  -5,822
  -6,737
  -7,724
  -8,781
  -9,907
  -11,099
  -12,357
  -13,679
  -15,064
  -16,512
  -18,024
  -19,599
  -21,238
  -22,943
  -24,715
  -26,557
  -28,471
  -30,460
  -32,528
  -34,677
  -36,914
  -39,240
  -41,663
  -44,186
  -46,815
  -49,556
  -52,415
  -55,399
Change in working capital, $m
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
Cash from operations, $m
  -4,207
  -4,974
  -5,816
  -6,731
  -7,718
  -8,774
  -9,899
  -11,091
  -12,348
  -13,670
  -15,055
  -16,503
  -18,014
  -19,588
  -21,227
  -22,931
  -24,703
  -26,545
  -28,458
  -30,447
  -32,514
  -34,663
  -36,899
  -39,225
  -41,646
  -44,169
  -46,797
  -49,537
  -52,396
  -55,379
Maintenance CAPEX, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -30
New CAPEX, $m
  -10
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -51
Cash from investing activities, $m
  -12
  -15
  -17
  -18
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -58
  -60
  -63
  -67
  -70
  -72
  -76
  -81
Free cash flow, $m
  -4,219
  -4,990
  -5,833
  -6,750
  -7,738
  -8,797
  -9,923
  -11,117
  -12,376
  -13,699
  -15,086
  -16,536
  -18,048
  -19,625
  -21,266
  -22,972
  -24,746
  -26,590
  -28,506
  -30,497
  -32,566
  -34,718
  -36,956
  -39,285
  -41,710
  -44,235
  -46,867
  -49,610
  -52,472
  -55,459
Issuance/(repayment) of debt, $m
  9
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
Issuance/(repurchase) of shares, $m
  4,232
  5,003
  5,847
  6,764
  7,753
  8,812
  9,939
  11,133
  12,392
  13,716
  15,095
  16,545
  18,058
  19,635
  21,276
  22,983
  24,758
  26,602
  28,518
  30,509
  32,579
  34,732
  36,970
  39,300
  41,725
  44,251
  46,884
  49,628
  52,491
  55,478
Cash from financing (excl. dividends), $m  
  4,241
  5,015
  5,860
  6,778
  7,768
  8,828
  9,956
  11,151
  12,411
  13,736
  15,116
  16,567
  18,081
  19,659
  21,301
  23,009
  24,785
  26,630
  28,547
  30,539
  32,610
  34,765
  37,004
  39,335
  41,762
  44,289
  46,924
  49,670
  52,534
  55,523
Total cash flow (excl. dividends), $m
  23
  25
  27
  28
  30
  31
  33
  34
  36
  37
  30
  31
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  55
  57
  59
  62
  65
Retained Cash Flow (-), $m
  -4,232
  -5,003
  -5,847
  -6,764
  -7,753
  -8,812
  -9,939
  -11,133
  -12,392
  -13,716
  -15,095
  -16,545
  -18,058
  -19,635
  -21,276
  -22,983
  -24,758
  -26,602
  -28,518
  -30,509
  -32,579
  -34,732
  -36,970
  -39,300
  -41,725
  -44,251
  -46,884
  -49,628
  -52,491
  -55,478
Prev. year cash balance distribution, $m
  124
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -4,085
  -4,978
  -5,821
  -6,736
  -7,723
  -8,781
  -9,906
  -11,099
  -12,357
  -13,679
  -15,065
  -16,514
  -18,026
  -19,601
  -21,241
  -22,946
  -24,719
  -26,562
  -28,476
  -30,466
  -32,535
  -34,685
  -36,922
  -39,250
  -41,673
  -44,197
  -46,827
  -49,569
  -52,429
  -55,414
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -3,917
  -4,557
  -5,065
  -5,546
  -5,986
  -6,372
  -6,693
  -6,937
  -7,098
  -7,171
  -7,154
  -7,047
  -6,854
  -6,580
  -6,236
  -5,831
  -5,379
  -4,892
  -4,385
  -3,871
  -3,365
  -2,878
  -2,420
  -1,999
  -1,621
  -1,289
  -1,005
  -767
  -572
  -417
Current shareholders' claim on cash, %
  1.9
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Arbutus Biopharma Corporation, formerly Tekmira Pharmaceuticals Corporation, is a therapeutic solutions company. The Company is engaged in discovering, developing and commercializing a cure for patients suffering from chronic hepatitis B infection (HBV), a disease of the liver caused by the hepatitis B virus (HBV). It is developing a pipeline focused on advancing Ribo Nucleic Acid interference therapeutics (RNAi) using its Lipid Nanoparticle technology. The Company's lead RNAi HBV candidate, ARB-1467, eliminates HBV surface antigen expression in patients chronically infected with HBV. ARB-1467 is being developed as a multi-component RNAi therapeutic that targets various sites on the HBV genome. It is also developing small molecule covalently closed circular deoxyribonucleic acid (cccDNA) formation inhibitors, multiple small molecule orally bioavailable inhibitors of HBV surface antigen production and secretion, cccDNA epigenetic modifiers and stimulator of interferon genes agonists.

FINANCIAL RATIOS  of  Arbutus Biopharma (ABUS)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 251.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -4.3
Price to Free Cash Flow -4.1
Growth Rates
Sales Growth Rate -96%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.9%
Total Debt to Equity 5.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -77.7%
Ret/ On Assets - 3 Yr. Avg. -44.5%
Return On Total Capital -100.7%
Ret/ On T. Cap. - 3 Yr. Avg. -57.6%
Return On Equity -102.3%
Return On Equity - 3 Yr. Avg. -58.2%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -48800%
EBITDA Margin - 3 Yr. Avg. -16452.4%
Operating Margin -49400%
Oper. Margin - 3 Yr. Avg. -16677.3%
Pre-Tax Margin -48900%
Pre-Tax Margin - 3 Yr. Avg. -16489.3%
Net Profit Margin -38400%
Net Profit Margin - 3 Yr. Avg. -12968%
Effective Tax Rate 21.5%
Eff/ Tax Rate - 3 Yr. Avg. 14.1%
Payout Ratio 0%

ABUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ABUS stock intrinsic value calculation we used $10.7 million for the last fiscal year's total revenue generated by Arbutus Biopharma. The default revenue input number comes from 0001 income statement of Arbutus Biopharma. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ABUS stock valuation model: a) initial revenue growth rate of 19.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ABUS is calculated based on our internal credit rating of Arbutus Biopharma, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arbutus Biopharma.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ABUS stock the variable cost ratio is equal to 33072.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ABUS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Arbutus Biopharma.

Corporate tax rate of 27% is the nominal tax rate for Arbutus Biopharma. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ABUS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ABUS are equal to 557%.

Life of production assets of 55.7 years is the average useful life of capital assets used in Arbutus Biopharma operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ABUS is equal to -220.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $182.473 million for Arbutus Biopharma - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.168 million for Arbutus Biopharma is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arbutus Biopharma at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Arbutus to Report Third Quarter 2018 Financial Results   [Oct-31-18 08:30AM  GlobeNewswire]
▶ Arbutus Names New Members to its Board of Directors   [Oct-22-18 08:30AM  GlobeNewswire]
▶ Here's Why Arbutus Biopharma Corp. Is Tanking Today   [Oct-09-18 03:23PM  Motley Fool]
▶ Arbutus to Present at Chardans Genetic Medicines Conference   [Oct-02-18 08:30AM  GlobeNewswire]
▶ Harry Boxers three drug stocks to watch   [Jul-19-18 10:26AM  MarketWatch]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Jul-14-18 02:02PM  Motley Fool]
▶ Harry Boxers four health-care stocks to watch   [Jul-12-18 12:54PM  MarketWatch]
▶ Arbutus Presents Corporate Update on Key Milestones   [Jul-10-18 07:00AM  GlobeNewswire]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Jul-07-18 07:15AM  Motley Fool]
▶ Arbutus: 1Q Earnings Snapshot   [May-03-18 05:28PM  Associated Press]
▶ Arbutus to Present HBV Data at 2018 EASL Liver Meeting   [Mar-28-18 05:54PM  GlobeNewswire]
▶ Arbutus Enters Exclusivity Agreement with Roivant Sciences   [Feb-14-18 08:50PM  GlobeNewswire]
▶ Arbutus Announces Presentations at HepDART 2017   [Nov-27-17 09:00AM  GlobeNewswire]
▶ Should You Buy Arbutus Biopharma Corporation (ABUS)?   [Nov-01-17 11:25AM  Simply Wall St.]
▶ Arbutus Presents HBV Data at 2017 AASLD Liver Meeting   [Oct-24-17 08:00AM  GlobeNewswire]
▶ Bucks biopharm firm signs licensing deal with California onco-immunology company   [Oct-18-17 12:55PM  American City Business Journals]
▶ Arbutus to Participate in Upcoming Investor Conferences   [Oct-10-17 08:00AM  GlobeNewswire]
▶ Arbutus to Present HBV Data at 2017 AASLD Liver Meeting   [Oct-03-17 08:00AM  GlobeNewswire]
▶ Arbutus to Participate in Upcoming Investor Conferences   [Jun-02-17 08:00AM  GlobeNewswire]
▶ Arbutus Presents HBV Drug Combination Studies at ICAR   [May-22-17 07:00AM  GlobeNewswire]
▶ Arbutus reports 1Q loss   [May-04-17 05:46PM  Associated Press]
▶ Arbutus Announces ARB-1467 Data Presentation at EASL   [Apr-22-17 04:00AM  GlobeNewswire]
▶ Arbutus Injunction Survives Attempted Appeal by Acuitas   [Apr-13-17 08:00AM  GlobeNewswire]

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