10 Best Debt-Free Penny Stocks to Buy Now

7. Arbutus Biopharma Corporation (NASDAQ:ABUS)

Market Cap as of September 13: $815.54 Million

Enterprise Value: $675.15 Million

Hedge Funds Holding Stakes as of Q2 2024: 15

Arbutus Biopharma Corporation (NASDAQ:ABUS), a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection. It boasts a robust product line that includes imdusiran, which suppresses HBV antigens.

With the stock trading near all-time highs, the rally has come on investors taking note of the company’s tremendous potential backed by its innovative hepatitis B treatments. Its outperformance also indicates investor confidence in its therapeutic pipeline in the healthcare market.

Arbutus Biopharma Corporation (NASDAQ:ABUS) has shared encouraging results from its early-stage trials of its RNAi drug imdusiran, indicating it might be a promising option for treating hepatitis B. The firm intends to start its next phase of clinical trials for imdusiran, supported by its existing cash reserves estimated at around $148.5 million.

Arbutus Biopharma Corporation (NASDAQ:ABUS) exited the second quarter with $148.5 million in cash, enough to finance the development of its pipeline. Arbutus holds more cash than debt on its balance sheet, a positive sign of financial stability. It held about $1.59 million in debt as of the end of June.

The positive clinical trial results and careful handling of assets set the stage for the company to keep its quest for a possible cure for hepatitis B. As the company deals with the intricacies of clinical trials and legal matters, investors and interested parties will eagerly await more information on the advancement of Imdusiran and other projects in development.

As of June 2024, 15 out of the 912 hedge funds profiled by Insider Monkey had held a stake in the company. Arbutus Biopharma Corporation (NASDAQ:ABUS)’s biggest investor is David Salanic’s Whitefort Capital since it owns $39.76 million worth of shares.