ABVC BioPharma (NASDAQ:ABVC) Trading Down 4.3% - What's Next?

Key Points

• ABVC BioPharma stock has decreased by 4.3%, trading at $2.87, down from a previous close of $3.00.
• An institutional investor, XTX Topco Ltd, increased its holdings in ABVC BioPharma by 75.7%, now owning 60,439 shares worth $64,000.
• The company is currently developing several drugs, including ABV-1501 for triple-negative breast cancer and ABV-1703 for metastatic pancreatic cancer, with most in Phase II clinical trials.

ABVC BioPharma, Inc. (NASDAQ:ABVC - Get Free Report) was down 4.3% during mid-day trading on Wednesday . The stock traded as low as $2.80 and last traded at $2.87. Approximately 181,602 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 429,255 shares. The stock had previously closed at $3.00.

ABVC BioPharma Price Performance

The company has a market cap of $50.77 million, a price-to-earnings ratio of -23.00 and a beta of 0.27. The firm's 50 day simple moving average is $2.67 and its 200-day simple moving average is $1.49.

Institutional Investors Weigh In On ABVC BioPharma

An institutional investor recently raised its position in ABVC BioPharma stock. Geode Capital Management LLC increased its position in shares of ABVC BioPharma, Inc. (NASDAQ:ABVC - Free Report) by 5.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,499 shares of the company's stock after purchasing an additional 6,017 shares during the period. Geode Capital Management LLC owned approximately 0.65% of ABVC BioPharma worth $246,000 as of its most recent SEC filing. 11.38% of the stock is currently owned by institutional investors and hedge funds.

ABVC BioPharma Company Profile

ABVC BioPharma, Inc, a clinical stage biopharmaceutical company, develops drugs and medical devices to fulfill unmet medical needs in the United States. The company is developing ABV-1501, which is in Phase II clinical trials a combination therapy for triple negative breast cancer; ABV-1504 has completed Phase II clinical trials for major depressive disorders; ABV-1505, which is in Phase II clinical trials for adult attention deficit hyperactivity disorder; ABV-1703, which is in Phase II clinical trials for the treatment of metastatic pancreatic cancer; ABV-1702, which is in Phase II clinical trials to treat myelodysplastic syndromes; and ABV-1601 that is in Phase I/II clinical trials for treating depression in cancer patients.