Jefferies ‘encouraged thus far’ by Arbutus patent hearing

Jefferies attended the Markman Hearing between Arbutus (ABUS) and Roivant Sciences (ROIV) versus Moderna (MRNA) and came away “encouraged thus far,” the analyst tells investors. In terms of first the disputed claim, the firm thought Arbutus “sounded pretty strong” and Judge Goldberg’s line of thought and logic “seemed reasonable.” The Judge will go through prior IPR, which favored Arbutus, and consider extrinsic evidence too, which should support Arbutus’ claim construction, the analyst added. The firm keeps a Buy rating and $5 price target on Arbutus shares.