Abivax (NASDAQ:ABVX) Announces Earnings Results, Beats Estimates By $0.04 EPS

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 earnings results on Monday, September 8th. The company reported ($0.86) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.04, Zacks reports.

Abivax Stock Performance

ABVX stock traded up $1.62 during midday trading on Monday, hitting $85.63. The company's stock had a trading volume of 461,642 shares, compared to its average volume of 692,976. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.29. The stock's 50-day moving average price is $59.72 and its 200 day moving average price is $25.20. Abivax has a 1 year low of $4.77 and a 1 year high of $92.91.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler raised their price objective 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 reaffirmed a "market outperform" rating on shares of Abivax in a research report on Friday, July 18th. Leerink Partners set a $74.00 price objective on Abivax and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Lifesci Capital raised their target price on Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley upped their price target on Abivax from $71.00 to $101.00 and gave the stock an "overweight" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to MarketBeat, Abivax currently has an average rating of "Buy" and an average target price of $99.43.

Hedge Funds Weigh In On Abivax

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Octagon Capital Advisors LP increased its holdings in Abivax by 3.0% during 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 during the last quarter. Millennium Management LLC grew its holdings in Abivax by 6.0% during the first quarter. Millennium Management LLC now owns 987,414 shares of the company's stock valued at $6,171,000 after purchasing an additional 56,235 shares during the period. Boothbay Fund Management LLC lifted its position in shares of Abivax by 52.5% during the 2nd quarter. Boothbay Fund Management LLC now owns 870,438 shares of the company's stock valued at $6,659,000 after buying an additional 299,770 shares during the last quarter. Woodline Partners LP grew its stake in shares of Abivax by 319.5% during the 1st 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 holdings in Abivax by 147.4% in the 2nd 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 last quarter. 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.