Abivax (NASDAQ:ABVX) Shares Gap Down - Here's Why

Key Points

• Abivax (NASDAQ:ABVX) shares experienced a gap down at trading open on Friday, starting at $83.00 after closing at $85.96.
• Analysts have increased price targets significantly for Abivax, with Piper Sandler setting a new target at $112.00, reflecting confidence in the company's potential.
• Despite a recent trading dip of 3.7%, more than 47% of Abivax's stock is held by institutional investors, indicating substantial market interest.

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $85.96, but opened at $83.00. Abivax shares last traded at $84.06, with a volume of 292,216 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. BTIG Research reaffirmed a "buy" rating and issued a $112.00 price target on shares of Abivax in a report on Tuesday, September 9th. Guggenheim lifted their price target on shares of Abivax from $50.00 to $101.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Citigroup reaffirmed a "market outperform" rating on shares of Abivax in a report on Friday, July 18th. Wall Street Zen raised shares of Abivax from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Morgan Stanley boosted their target price on shares of Abivax from $71.00 to $101.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $99.43.

Abivax Stock Down 0.7%

The business's 50 day moving average price is $62.77 and its two-hundred day moving average price is $26.14. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.29.

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, topping analysts' consensus estimates of ($0.90) by $0.04. Equities analysts forecast that Abivax SA Sponsored ADR will post -2.83 earnings per share for the current year.

Institutional Trading of Abivax

A number of institutional investors have recently made changes to their positions in ABVX. Bank of America Corp DE lifted its stake in shares of Abivax by 56.1% in 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 period. Cubist Systematic Strategies LLC lifted its stake 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 during the last quarter. Ameriprise Financial Inc. acquired a new stake in Abivax during the fourth quarter valued at approximately $85,000. GAMMA Investing LLC lifted its stake 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 last quarter. Finally, XTX Topco Ltd acquired a new stake in Abivax during the second quarter valued at approximately $139,000. 47.91% of the stock is owned by institutional investors and hedge funds.

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.