Abivax (NASDAQ:ABVX) Shares Up 7.2% - Should You Buy?

Key Points

• Abivax shares increased by 7.2% to a trading price of $97.16, up from a previous close of $90.61, despite a decrease in trading volume.
• Multiple research firms have shown increased optimism, with Morgan Stanley and Lifesci Capital raising their price targets to $101.00, suggesting strong buying potential.
• Hedge funds have significantly increased their stakes in Abivax, with GAMMA Investing LLC raising its share by 373.6%, indicating growing institutional confidence in the stock.

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shares rose 7.2% during trading on Friday . The stock traded as high as $94.16 and last traded at $97.16. Approximately 623,981 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 721,135 shares. The stock had previously closed at $90.61.

Wall Street Analyst Weigh In

ABVX has been the subject of several research reports. Morgan Stanley raised their target price on Abivax from $71.00 to $101.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. Citigroup restated an "outperform" rating on shares of Abivax in a research note on Thursday, September 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Abivax in a research note on Wednesday. Lifesci Capital lifted their price target on shares of Abivax from $45.00 to $101.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Finally, Piper Sandler lifted their price target on shares of Abivax from $70.00 to $112.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Abivax presently has a consensus rating of "Moderate Buy" and a consensus price target of $110.29.

Abivax Trading Up 4.9%

The business's fifty day simple moving average is $79.77 and its 200-day simple moving average is $35.03.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in Abivax by 56.1% during the fourth quarter. Bank of America Corp DE now owns 5,536 shares of the company's stock valued at $41,000 after buying an additional 1,990 shares during the period. HighVista Strategies LLC raised its stake in shares of Abivax by 4.3% during the second quarter. HighVista Strategies LLC now owns 51,156 shares of the company's stock valued at $391,000 after acquiring an additional 2,092 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of 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 acquiring an additional 2,595 shares during the last quarter. Voya Investment Management LLC bought a new position in Abivax in the third quarter worth about $978,000. Finally, GAMMA Investing LLC raised its stake in Abivax by 373.6% in the first 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. 47.91% of the stock is currently owned by hedge funds and other 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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