Abivax (NASDAQ:ABVX) Stock Price Up 577.5% Following Analyst Upgrade

Shares of Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) shot up 577.5% on Wednesday after Lifesci Capital raised their price target on the stock from $45.00 to $101.00. Lifesci Capital currently has an outperform rating on the stock. Abivax traded as high as $66.66 and last traded at $67.75. 10,559,985 shares were traded during mid-day trading, an increase of 3,668% from the average session volume of 280,273 shares. The stock had previously closed at $10.00.

A number of other brokerages have also commented on ABVX. Guggenheim lifted their price target on Abivax from $50.00 to $101.00 and gave the stock a "buy" rating in a report on Wednesday. Piper Sandler raised their target price on Abivax from $42.00 to $70.00 and gave the stock an "overweight" rating in a research report on Wednesday. Citigroup reissued a "market outperform" rating on shares of Abivax in a research report on Friday, July 18th. JMP Securities raised their target price on Abivax from $33.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Wednesday. Finally, Leerink Partners set a $74.00 target price on Abivax and gave the stock an "outperform" rating in a research report on Wednesday. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $80.00.

Hedge Funds Weigh In On Abivax

Several hedge funds have recently made changes to their positions in the stock. Kennedy Capital Management LLC grew its position in shares of Abivax by 0.7% in the fourth quarter. Kennedy Capital Management LLC now owns 225,470 shares of the company's stock valued at $1,650,000 after purchasing an additional 1,656 shares in the last quarter. Bank of America Corp DE grew its position in shares of Abivax by 56.1% in the fourth quarter. Bank of America Corp DE now owns 5,536 shares of the company's stock valued at $41,000 after purchasing an additional 1,990 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in shares of Abivax by 34.3% in the first quarter. Cubist Systematic Strategies LLC now owns 10,152 shares of the company's stock valued at $63,000 after purchasing an additional 2,595 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Abivax by 47.5% in the fourth quarter. BNP Paribas Financial Markets now owns 19,244 shares of the company's stock valued at $141,000 after purchasing an additional 6,200 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in Abivax during the fourth quarter worth about $85,000. 47.91% of the stock is currently owned by hedge funds and other institutional investors.

Abivax Price Performance

The company has a 50-day moving average of $11.03 and a 200 day moving average of $8.11. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.25 and a current ratio of 1.25.

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.