Abivax (NASDAQ:ABVX) Shares Down 4.6% - Time to Sell?

Key Points

• Abivax shares fell by 4.6%, trading as low as $83.63, with a significant decline in trading volume compared to the average.
• Wall Street analysts generally maintain a positive outlook on Abivax, with the consensus rating being "Buy" and a price target of $95.14.
• The company reported a quarterly earnings surprise, posting ($0.86) EPS, which was better than the expected ($0.90).

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shares dropped 4.6% during mid-day trading on Thursday . The stock traded as low as $84.02 and last traded at $83.63. Approximately 348,578 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 685,691 shares. The stock had previously closed at $87.63.

Wall Street Analyst Weigh In

ABVX has been the subject of several research reports. Lifesci Capital upped their target price on Abivax from $45.00 to $101.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. BTIG Research reaffirmed a "buy" rating and issued a $112.00 price target on shares of Abivax in a research note on Tuesday. JMP Securities increased their price objective on Abivax from $33.00 to $95.00 and gave the stock a "market outperform" rating in a report on Wednesday, July 23rd. Citigroup reiterated a "market outperform" rating on shares of Abivax in a report on Friday, July 18th. Finally, Morgan Stanley upgraded Abivax from an "equal weight" rating to an "overweight" rating and set a $71.00 price objective for the company in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $95.14.

Abivax Stock Down 5.5%

The company has a current ratio of 0.77, a quick ratio of 1.25 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average price of $56.64 and a two-hundred day moving average price of $23.89.

Abivax (NASDAQ:ABVX - Get Free Report) last issued its quarterly earnings results on Monday, September 8th. The company reported ($0.86) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.04. On average, sell-side analysts predict that Abivax SA Sponsored ADR will post -2.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Abivax

Large investors have recently bought and sold shares of the business. Two Sigma Investments LP bought a new stake in Abivax in the 4th quarter worth about $144,000. GAMMA Investing LLC increased its holdings in Abivax by 373.6% in the 1st quarter. GAMMA Investing LLC now owns 18,831 shares of the company's stock worth $118,000 after buying an additional 14,855 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Abivax by 47.5% in the 4th quarter. BNP Paribas Financial Markets now owns 19,244 shares of the company's stock worth $141,000 after buying an additional 6,200 shares in the last quarter. Millennium Management LLC increased its holdings in Abivax by 44.2% in the 4th quarter. Millennium Management LLC now owns 931,179 shares of the company's stock worth $6,816,000 after buying an additional 285,542 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in Abivax in the 1st quarter worth about $1,250,000. 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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