Abivax (NASDAQ:ABVX) Issues Earnings Results

Key Points

• Abivax reported a quarterly EPS of ($0.86), exceeding the consensus estimate of ($0.90) by $0.04.
• Analysts have increased Abivax's price targets significantly, with firms like Piper Sandler raising their target to $112.00 and JMP Securities to $95.00.
• Institutional investors now hold nearly 48% of Abivax's stock, with several firms increasing their holdings in the company recently.

Abivax (NASDAQ:ABVX - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.04, Zacks reports.

Abivax Trading Down 0.6%

Shares of ABVX stock opened at $88.72 on Wednesday. Abivax has a 12-month low of $4.77 and a 12-month high of $92.91. The firm has a fifty day moving average of $55.05 and a 200-day moving average of $23.45. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.25 and a quick ratio of 1.25.

Analyst Upgrades and Downgrades

Several brokerages have commented on ABVX. Piper Sandler raised their price target on shares of Abivax from $70.00 to $112.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Citigroup restated a "market outperform" rating on shares of Abivax in a research report on Friday, July 18th. JMP Securities raised their price objective on shares of Abivax from $33.00 to $95.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 23rd. Guggenheim lifted their target price on shares of Abivax from $50.00 to $101.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Lifesci Capital lifted their price objective on shares of Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $95.14.

Institutional Trading of Abivax

Large investors have recently added to or reduced their stakes in the company. Octagon Capital Advisors LP raised its position 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 valued at $9,693,000 after purchasing an additional 37,000 shares during the period. Boothbay Fund Management LLC raised its position in shares of Abivax by 52.5% in the second quarter. Boothbay Fund Management LLC now owns 870,438 shares of the company's stock valued at $6,659,000 after purchasing an additional 299,770 shares during the period. Millennium Management LLC increased its position in Abivax by 6.0% during the first quarter. Millennium Management LLC now owns 987,414 shares of the company's stock worth $6,171,000 after acquiring an additional 56,235 shares during the period. Woodline Partners LP increased its position in Abivax by 319.5% during the first quarter. Woodline Partners LP now owns 201,924 shares of the company's stock worth $1,262,000 after acquiring an additional 153,788 shares during the period. Finally, Paloma Partners Management Co increased its position in Abivax by 147.4% during the second quarter. Paloma Partners Management Co now owns 95,130 shares of the company's stock worth $728,000 after acquiring an additional 56,681 shares during the period. Institutional investors and hedge funds own 47.91% of the company's stock.

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.

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