Abivax (NASDAQ:ABVX) Stock Price Down 4.6% - Should You 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 were down 4.6% during mid-day trading on Thursday . The company traded as low as $84.02 and last traded at $83.63. Approximately 348,578 shares changed 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 topic of a number of recent analyst reports. Guggenheim increased their target price on Abivax from $50.00 to $101.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. BTIG Research reaffirmed a "buy" rating and set a $112.00 target price on shares of Abivax in a report on Tuesday, September 9th. Lifesci Capital boosted their price target on Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Morgan Stanley boosted their price target on Abivax from $71.00 to $101.00 and gave the company an "overweight" rating in a report on Friday. Finally, Leerink Partners set a $74.00 price target on Abivax and gave the company an "outperform" rating in a report on Wednesday, July 23rd. One 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.com, Abivax currently has an average rating of "Buy" and a consensus price target of $99.43.

Abivax Price Performance

The business has a fifty day moving average price of $61.28 and a two-hundred day moving average price of $25.75. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.29.

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

Institutional Investors Weigh In On Abivax

A number of hedge funds have recently bought and sold shares of the stock. ADAR1 Capital Management LLC raised its position in Abivax by 46.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 2,210,019 shares of the company's stock valued at $13,813,000 after purchasing an additional 696,626 shares in the last quarter. Nantahala Capital Management LLC raised its position in Abivax by 3.3% in the 1st quarter. Nantahala Capital Management LLC now owns 1,482,994 shares of the company's stock valued at $9,269,000 after purchasing an additional 46,947 shares in the last quarter. Octagon Capital Advisors LP raised its position in Abivax by 3.0% in the 2nd 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 in the last quarter. Allostery Investments LP raised its position in shares of Abivax by 86.0% during the 1st quarter. Allostery Investments LP now owns 1,099,654 shares of the company's stock worth $6,873,000 after acquiring an additional 508,401 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Abivax by 6.0% during the 1st 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 in the last quarter. 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.