Abivax (NASDAQ:ABVX) Shares Up 6.5% - Here's What Happened

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shares traded up 6.5% on Monday . The company traded as high as $8.78 and last traded at $8.81. 248,886 shares traded hands during trading, an increase of 43% from the average session volume of 174,466 shares. The stock had previously closed at $8.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. JMP Securities restated a "market outperform" rating and issued a $33.00 price target on shares of Abivax in a report on Wednesday, April 30th. Morgan Stanley reissued an "equal weight" rating and set a $12.00 target price on shares of Abivax in a research report on Thursday, March 20th.

Abivax Stock Up 4.7%

The stock's 50-day moving average price is $7.01 and its 200 day moving average price is $6.76. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.25 and a quick ratio of 1.25.

Institutional Investors Weigh In On Abivax

Several hedge funds and other institutional investors have recently bought and sold shares of ABVX. Octagon Capital Advisors LP acquired a new stake in Abivax during the first quarter worth about $7,688,000. ADAR1 Capital Management LLC increased its position in Abivax by 190.1% during 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 during the last quarter. Caligan Partners LP purchased a new position in Abivax during the fourth quarter worth about $5,506,000. JPMorgan Chase & Co. purchased a new position in Abivax during the fourth quarter worth about $5,336,000. Finally, Allostery Investments LP purchased a new position in Abivax during the fourth quarter worth about $4,328,000. 47.91% of the stock is currently owned by institutional investors and hedge funds.

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.