Abivax (NASDAQ:ABVX) Raised to Strong-Buy at The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Abivax to “strong buy,” adding to largely positive analyst coverage. The stock has a consensus “moderate buy” rating and an average price target of $156.38.
• Abivax shares opened at $118.64, up 2.3%, with a market capitalization of approximately $10.35 billion. The stock has traded between $69.81 and $148.83 over the past year.
• Institutional investors own 47.91% of Abivax, with several funds increasing their positions. The clinical-stage biotech is developing obefazimod, an oral therapy primarily targeting ulcerative colitis and also evaluated in Crohn’s disease.

Abivax (NASDAQ:ABVX - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group to a "strong-buy" rating in a research note issued on Wednesday, Zacks reports.

Other equities analysts have also issued reports about the company. Wedbush increased their price objective on Abivax from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $187.00 target price on shares of Abivax in a research note on Wednesday, July 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Abivax in a research report on Friday, July 17th. Piper Sandler boosted their price objective on shares of Abivax from $165.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Abivax in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.38.

Abivax Stock Up 2.3%

ABVX opened at $118.64 on Wednesday. The stock has a market cap of $10.35 billion, a PE ratio of -22.77 and a beta of 0.96. Abivax has a 52 week low of $69.81 and a 52 week high of $148.83. The business's fifty day simple moving average is $124.83 and its 200 day simple moving average is $118.33.

Institutional Investors Weigh In On Abivax

Large investors have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP increased its stake in shares of Abivax by 218.9% during the first quarter. Seven Fleet Capital Management LP now owns 43,052 shares of the company's stock valued at $4,794,000 after buying an additional 29,553 shares during the period. Militia Capital Management LLC bought a new position in Abivax in the 1st quarter worth $1,893,000. Brummer Multi Strategy AB lifted its position in shares of Abivax by 56.0% in the 1st quarter. Brummer Multi Strategy AB now owns 22,428 shares of the company's stock worth $2,497,000 after purchasing an additional 8,053 shares during the period. Candriam S.C.A. bought a new stake in shares of Abivax during the 1st quarter valued at about $4,015,000. Finally, Bank of America Corp DE increased its position in shares of 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. Institutional investors own 47.91% of the company's stock.

About Abivax

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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