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

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $10.14, but opened at $10.69. Abivax shares last traded at $10.18, with a volume of 202,926 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on ABVX. Leerink Partners set a $74.00 price target on Abivax and gave the company an "outperform" rating in a report on Wednesday. Citigroup reiterated a "market outperform" rating on shares of Abivax in a research note on Friday, July 18th. Morgan Stanley raised Abivax from an "equal weight" rating to an "overweight" rating and set a $71.00 target price on the stock in a report on Wednesday. Guggenheim upped their price target on Abivax from $50.00 to $101.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Piper Sandler lifted their price objective on Abivax from $42.00 to $70.00 and gave the company an "overweight" rating in a research report on Wednesday. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $80.00.

Abivax Stock Down 5.2%

The business's fifty day simple moving average is $9.82 and its 200-day simple moving average is $7.70. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.29.

Hedge Funds Weigh In On Abivax

A number of institutional investors and hedge funds have recently made changes to their positions in ABVX. Two Sigma Investments LP purchased a new position in Abivax in the fourth quarter worth about $144,000. JPMorgan Chase & Co. purchased a new position in shares of Abivax in the 4th quarter worth approximately $5,336,000. GAMMA Investing LLC increased its position in shares of Abivax by 373.6% during the 1st 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. Guggenheim Capital LLC bought a new stake in Abivax in the fourth quarter worth $92,000. Finally, Millennium Management LLC grew its holdings in Abivax by 44.2% during the 4th quarter. Millennium Management LLC now owns 931,179 shares of the company's stock valued at $6,816,000 after purchasing an additional 285,542 shares during the last quarter. 47.91% of the stock is owned by hedge funds and other institutional investors.

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.