Abivax (NASDAQ:ABVX) Trading 5.2% Higher Following Analyst Upgrade

Key Points

• Abivax shares rose 5.2% after an analyst upgrade from Piper Sandler, raising the price target from $70.00 to $112.00.
• Institutional investors have increased their holdings in Abivax, now owning 47.91% of the company's stock.
• The company's lead drug candidate, obefazimod, is currently undergoing Phase 3 clinical trials for treating moderately to severely active ulcerative colitis.

Shares of Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) traded up 5.2% on Tuesday after Piper Sandler raised their price target on the stock from $70.00 to $112.00. Piper Sandler currently has an overweight rating on the stock. Abivax traded as high as $70.15 and last traded at $70.05. 1,124,524 shares changed hands during trading, an increase of 92% from the average session volume of 584,936 shares. The stock had previously closed at $66.57.

Several other analysts have also weighed in on the stock. JMP Securities boosted their target price on shares of Abivax from $33.00 to $95.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 23rd. Guggenheim upped 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 reissued a "market outperform" rating on shares of Abivax in a report on Friday, July 18th. Leerink Partners set a $74.00 price target on shares of Abivax and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Finally, Lifesci Capital upped their price objective on shares of Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $92.33.

Institutional Trading of Abivax

A number of hedge funds have recently made changes to their positions in ABVX. Octagon Capital Advisors LP purchased a new stake in shares of Abivax in the first quarter worth approximately $7,688,000. ADAR1 Capital Management LLC lifted its position in shares of 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. Caligan Partners LP purchased a new stake in shares of Abivax in the fourth quarter worth approximately $5,506,000. JPMorgan Chase & Co. purchased a new stake in shares of Abivax in the fourth quarter worth approximately $5,336,000. Finally, Allostery Investments LP acquired a new position in Abivax in the fourth quarter worth approximately $4,328,000. 47.91% of the stock is owned by hedge funds and other institutional investors.

Abivax Stock Performance

The business has a fifty day moving average of $17.46 and a 200 day moving average of $10.30. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.29.

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.