Abivax (NASDAQ:ABVX) Sets New 12-Month High - Still a Buy?

Key Points

• Abivax's stock (NASDAQ:ABVX) reached a new 12-month high of $98.39, closing at $97.82 with over 1 million shares traded.
• Analysts have generally positive outlooks on Abivax, with price targets raised by several firms; Guggenheim now rates it as a "buy" with a target of $150.00.
• The company's lead drug candidate, obefazimod, is currently undergoing Phase 3 clinical trials for treating ulcerative colitis.

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $98.39 and last traded at $97.82, with a volume of 1007389 shares. The stock had previously closed at $95.63.

Analyst Ratings Changes

ABVX has been the topic of a number of recent analyst reports. Guggenheim increased their price target on shares of Abivax from $101.00 to $150.00 and gave the company a "buy" rating in a report on Friday. Piper Sandler upped their price objective on Abivax from $70.00 to $112.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Lifesci Capital increased their target price on Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Abivax in a research note on Wednesday, October 8th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Abivax in a report on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.25.

Abivax Price Performance

The business's 50-day simple moving average is $81.22 and its 200 day simple moving average is $37.08.

Abivax (NASDAQ:ABVX - Get Free Report) last released its quarterly earnings results on Monday, September 8th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.90) by $0.04. On average, equities analysts expect that Abivax SA Sponsored ADR will post -2.83 earnings per share for the current year.

Institutional Trading of Abivax

Several large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its stake in shares of Abivax by 56.1% during the 4th quarter. Bank of America Corp DE now owns 5,536 shares of the company's stock worth $41,000 after acquiring an additional 1,990 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in Abivax by 34.3% during the first quarter. Cubist Systematic Strategies LLC now owns 10,152 shares of the company's stock valued at $63,000 after purchasing an additional 2,595 shares in the last quarter. GAMMA Investing LLC grew its holdings in Abivax by 373.6% during the first quarter. GAMMA Investing LLC now owns 18,831 shares of the company's stock valued at $118,000 after purchasing an additional 14,855 shares during the period. XTX Topco Ltd purchased a new stake in Abivax in the second quarter worth about $139,000. Finally, Quadrature Capital Ltd bought a new position in shares of Abivax in the second quarter worth about $148,000. 47.91% of the stock is currently owned by 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.

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