Abivax (NASDAQ:ABVX) Given New $118.00 Price Target at Wedbush

Key Points

• Wedbush lowered its price target for Abivax from $140 to $118 and maintained a “neutral” rating, implying roughly 14% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157, despite targets ranging from $118 to $175.
• Abivax reported a quarterly loss of $1.71 per share, missing the $0.92 consensus estimate, while revenue of $1.37 million exceeded expectations. The clinical-stage biotech is developing obefazimod for ulcerative colitis and other inflammatory diseases.

Abivax (NASDAQ:ABVX - Get Free Report) had its price objective lowered by stock analysts at Wedbush from $140.00 to $118.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Wedbush's price target suggests a potential upside of 14.06% from the company's previous close.

Several other equities analysts have also issued reports on the company. Guggenheim reaffirmed a "buy" rating on shares of Abivax in a report on Tuesday, June 30th. BTIG Research lifted their price target on Abivax from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Jefferies Financial Group upgraded Abivax from a "hold" rating to a "buy" rating and upped their price objective for the company from $108.00 to $158.00 in a research note on Tuesday, June 30th. The Goldman Sachs Group started coverage on Abivax in a research report on Wednesday, September 9th. They set a "buy" rating and a $155.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Abivax in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $157.00.

Abivax Price Performance

Shares of ABVX stock opened at $103.45 on Tuesday. The firm has a 50-day moving average of $120.76 and a 200-day moving average of $117.67. The company has a market cap of $9.04 billion, a P/E ratio of -19.86 and a beta of 0.96. Abivax has a one year low of $69.81 and a one year high of $148.83.

Abivax (NASDAQ:ABVX - Get Free Report) last released its quarterly earnings results on Monday, September 21st. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.79). The company had revenue of $1.37 million for the quarter, compared to analyst estimates of $0.80 million. As a group, research analysts expect that Abivax will post -3.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abivax

Several institutional investors have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP purchased a new position in Abivax in the fourth quarter worth about $136,199,000. Lord Abbett & CO. LLC boosted its holdings in shares of Abivax by 152.4% in the fourth quarter. Lord Abbett & CO. LLC now owns 849,732 shares of the company's stock worth $114,591,000 after buying an additional 513,026 shares during the last quarter. Eversept Partners LP boosted its holdings in shares of Abivax by 42.0% in the first quarter. Eversept Partners LP now owns 934,423 shares of the company's stock worth $104,048,000 after buying an additional 276,589 shares during the last quarter. Bank of America Corp DE grew its position in Abivax by 40.9% during the first quarter. Bank of America Corp DE now owns 735,729 shares of the company's stock valued at $81,923,000 after buying an additional 213,440 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Abivax by 31.6% during the first quarter. Janus Henderson Group PLC now owns 878,829 shares of the company's stock valued at $98,007,000 after buying an additional 211,068 shares during the last quarter. 47.91% of the stock is owned by hedge funds and other institutional investors.

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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