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

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $8.85, but opened at $10.02. Abivax shares last traded at $9.56, with a volume of 1,030,752 shares.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ABVX shares. Citigroup restated a "market outperform" rating on shares of Abivax in a research note on Friday. JMP Securities set a $33.00 price target on Abivax in a research report on Friday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Abivax presently has an average rating of "Buy" and a consensus target price of $31.00.

Abivax Trading Down 3.8%

The company has a 50 day moving average of $7.14 and a 200-day moving average of $6.80. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.25 and a current ratio of 1.25.

Institutional Investors Weigh In On Abivax

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. bought a new stake in Abivax during the fourth quarter worth approximately $5,336,000. Franklin Resources Inc. raised its holdings in shares of Abivax by 10.7% during the fourth quarter. Franklin Resources Inc. now owns 1,466,062 shares of the company's stock worth $10,732,000 after acquiring an additional 141,710 shares in the last quarter. Springhill Fund Asset Management HK Co Ltd acquired a new stake in shares of Abivax in the 4th quarter valued at $1,520,000. ADAR1 Capital Management LLC boosted its holdings in Abivax by 190.1% in the fourth quarter. ADAR1 Capital Management LLC now owns 1,513,393 shares of the company's stock worth $11,078,000 after purchasing an additional 991,781 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its position in Abivax by 0.7% during the fourth quarter. Kennedy Capital Management LLC now owns 225,470 shares of the company's stock worth $1,650,000 after buying an additional 1,656 shares during 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.