Abivax (NASDAQ:ABVX) Sets New 1-Year High - Should You Buy?

Key Points

• Abivax's share price recently hit a new 52-week high of $82.51, indicating strong market interest with a trading volume of 592,352 shares.
• Multiple analysts have upgraded their ratings and price targets for Abivax, with JMP Securities raising theirs to $95.00 and Guggenheim to $101.00, reflecting growing confidence in the company's future.
• Institutional ownership of Abivax is significant, with firms like Bank of America increasing their stakes, suggesting a higher level of confidence in the company's performance and prospects.

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $82.51 and last traded at $81.99, with a volume of 592352 shares. The stock had previously closed at $81.03.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABVX. Morgan Stanley upgraded shares of Abivax from an "equal weight" rating to an "overweight" rating and set a $71.00 target price for the company in a research report on Wednesday, July 23rd. JMP Securities boosted their price objective on shares of Abivax from $33.00 to $95.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 23rd. Piper Sandler upped their price objective on Abivax from $70.00 to $112.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Citigroup reiterated a "market outperform" rating on shares of Abivax in a research report on Friday, July 18th. Finally, Guggenheim boosted their price target on Abivax from $50.00 to $101.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $92.33.

Abivax Trading Up 2.9%

The company has a debt-to-equity ratio of 1.29, a current ratio of 1.25 and a quick ratio of 1.25. The company has a 50-day moving average price of $51.77 and a 200 day moving average price of $22.21.

Institutional Investors Weigh In On Abivax

A number of institutional investors have recently added to or reduced their stakes in the stock. Octagon Capital Advisors LP lifted its holdings in shares of Abivax by 3.0% in the second quarter. Octagon Capital Advisors LP now owns 1,267,000 shares of the company's stock worth $9,693,000 after buying an additional 37,000 shares in the last quarter. Boothbay Fund Management LLC increased its holdings in Abivax by 52.5% in the 2nd quarter. Boothbay Fund Management LLC now owns 870,438 shares of the company's stock valued at $6,659,000 after acquiring an additional 299,770 shares during the last quarter. Paloma Partners Management Co increased its holdings in Abivax by 147.4% in the 2nd quarter. Paloma Partners Management Co now owns 95,130 shares of the company's stock valued at $728,000 after acquiring an additional 56,681 shares during the last quarter. HighVista Strategies LLC lifted its stake in Abivax by 4.3% in the 2nd quarter. HighVista Strategies LLC now owns 51,156 shares of the company's stock worth $391,000 after purchasing an additional 2,092 shares in the last quarter. Finally, NewEdge Advisors LLC bought a new position in shares of Abivax during the 2nd quarter valued at about $230,000. 47.91% of the stock is owned by hedge funds and other institutional investors.

About Abivax

ABIVAX Société Anonyme, a clinical-stage biotechnology company, focuses on developing therapeutics that harness the body's natural regulatory mechanisms to stablize the immune response in patients with chronic inflammatory diseases. The company is evaluating its lead drug candidate, obefazimod, in Phase 3 clinical trials for the treatment of moderately to severely active ulcerative colitis in adults.