Abivax (NASDAQ:ABVX) Rating Increased to Overweight at Morgan Stanley

Abivax (NASDAQ:ABVX - Get Free Report) was upgraded by stock analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $71.00 target price on the stock. Morgan Stanley's price target would suggest a potential upside of 6.78% from the company's current price.

Several other equities analysts also recently commented on the stock. Citigroup reissued a "market outperform" rating on shares of Abivax in a research note on Friday, July 18th. JMP Securities raised their price target on shares of Abivax from $33.00 to $95.00 and gave the stock a "market outperform" rating in a report on Wednesday. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $80.00.

Abivax Stock Down 4.7%

Shares of Abivax stock traded down $3.27 on Wednesday, reaching $66.49. 3,538,569 shares of the stock were exchanged, compared to its average volume of 2,638,802. The firm's 50 day moving average is $11.03 and its 200-day moving average is $8.11. Abivax has a one year low of $4.77 and a one year high of $72.90. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.25 and a current ratio of 1.25.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its holdings in Abivax by 56.1% during the fourth quarter. Bank of America Corp DE now owns 5,536 shares of the company's stock worth $41,000 after purchasing an additional 1,990 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Abivax by 34.3% in the first quarter. Cubist Systematic Strategies LLC now owns 10,152 shares of the company's stock valued at $63,000 after acquiring an additional 2,595 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Abivax in the fourth quarter valued at about $85,000. Guggenheim Capital LLC purchased a new position in Abivax in the fourth quarter valued at about $92,000. Finally, Stonepine Capital Management LLC purchased a new position in Abivax in the fourth quarter valued at about $110,000. 47.91% of the stock is currently owned by institutional investors and hedge funds.

Abivax Company Profile

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.