Abivax (NASDAQ:ABVX) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Abivax to “Sell” from “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $156.69.
• Abivax shares opened at $91.06, down 4%, well below their 50-day and 200-day moving averages of roughly $117. The stock has traded between $69.81 and $148.83 over the past year.
• The clinical-stage biotech reported a quarterly loss of $1.71 per share, missing estimates by $0.79, despite revenue of $1.37 million exceeding expectations; analysts anticipate a full-year loss of $4.18 per share.

Abivax (NASDAQ:ABVX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $180.00 price objective on shares of Abivax in a research report on Friday, July 24th. Wedbush dropped their price objective on shares of Abivax from $140.00 to $118.00 and set a "neutral" rating on the stock in a research report on Tuesday. Truist Financial cut their target price on shares of Abivax from $155.00 to $151.00 and set a "buy" rating for the company in a research note on Tuesday. Citizens Jmp reaffirmed a "market outperform" rating and set a $187.00 target price on shares of Abivax in a report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Abivax in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $156.69.

Abivax Stock Down 4.0%

Shares of NASDAQ ABVX opened at $91.06 on Friday. The business's 50 day moving average price is $117.40 and its two-hundred day moving average price is $117.12. The company has a market cap of $7.95 billion, a PE ratio of -15.03 and a beta of 0.96. Abivax has a twelve month low of $69.81 and a twelve month high of $148.83.

Abivax (NASDAQ:ABVX - Get Free Report) last released its quarterly earnings data on Monday, September 21st. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.92) by ($0.79). The firm had revenue of $1.37 million during the quarter, compared to the consensus estimate of $0.80 million. As a group, research analysts anticipate that Abivax will post -4.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Abivax

Institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP bought a new position in Abivax during the 2nd quarter worth $284,000. Readystate Asset Management LP grew its stake in Abivax by 19.6% during the second quarter. Readystate Asset Management LP now owns 241,530 shares of the company's stock worth $32,186,000 after buying an additional 39,508 shares in the last quarter. Troluce Capital Advisors LLC bought a new position in Abivax in the 2nd quarter valued at about $133,000. Seven Fleet Capital Management LP increased its holdings in Abivax by 158.6% in the 2nd quarter. Seven Fleet Capital Management LP now owns 111,334 shares of the company's stock valued at $14,836,000 after buying an additional 68,282 shares during the period. Finally, FNY Investment Advisers LLC raised its position in shares of Abivax by 7.3% in the 2nd quarter. FNY Investment Advisers LLC now owns 7,605 shares of the company's stock valued at $1,013,000 after buying an additional 519 shares in the last quarter. Institutional investors own 47.91% of the company's stock.

Abivax Company Profile

Abivax is a clinical-stage biotechnology company headquartered in Paris, France, focused on developing oral therapies for chronic inflammatory and immune-mediated diseases. Its lead investigational product is obefazimod, an oral small-molecule therapy designed to enhance the production of microRNA-124, a regulator of inflammatory pathways.

Obefazimod is being developed primarily for ulcerative colitis, a chronic inflammatory disease of the colon, and has also been evaluated in Crohn's disease.

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