Barclays Reaffirms Overweight Rating for Abivax (NASDAQ:ABVX)

Key Points

• Barclays reaffirmed its Overweight rating on Abivax and set a $148 price target, implying 43.06% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $157; individual targets range from $148 to $187.
• Abivax reported a quarterly loss of $1.71 per share, missing estimates of $0.92, while revenue of $1.37 million exceeded expectations. The clinical-stage biotech is developing obefazimod for inflammatory diseases including ulcerative colitis and Crohn’s disease.

Abivax (NASDAQ:ABVX - Get Free Report)'s stock had its "overweight" rating reissued by analysts at Barclays in a report released on Tuesday, Benzinga reports. They presently have a $148.00 target price on the stock. Barclays's price target points to a potential upside of 43.06% from the company's previous close.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley reissued an "overweight" rating and issued a $180.00 price target on shares of Abivax in a report on Friday, July 24th. Jefferies Financial Group raised shares of 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. Citigroup reiterated an "outperform" rating on shares of Abivax in a report on Tuesday, June 2nd. Truist Financial boosted their price target on Abivax from $135.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $187.00 price target on shares of Abivax in a research report on Wednesday, July 1st. One research 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 given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $157.00.

Abivax Stock Performance

Shares of ABVX stock opened at $103.45 on Tuesday. The company has a market capitalization of $9.04 billion, a P/E ratio of -19.86 and a beta of 0.96. Abivax has a fifty-two week low of $69.81 and a fifty-two week high of $148.83. The stock has a 50 day moving average price of $120.76 and a two-hundred day moving average price of $117.67.

Abivax (NASDAQ:ABVX - Get Free Report) last issued its earnings results on Monday, September 21st. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.79). The firm had revenue of $1.37 million for the quarter, compared to analysts' expectations of $0.80 million. As a group, equities analysts predict that Abivax will post -3.22 earnings per share for the current year.

Hedge Funds Weigh In On Abivax

Several hedge funds and other institutional investors have recently modified their holdings of ABVX. GHP Investment Advisors Inc. grew its stake in shares of Abivax by 155.6% in the 1st quarter. GHP Investment Advisors Inc. now owns 230 shares of the company's stock worth $26,000 after buying an additional 140 shares during the last quarter. Versant Capital Management Inc bought a new position in shares of Abivax during the second quarter valued at $30,000. Assetmark Inc. raised its position in shares of Abivax by 41.5% in the 1st quarter. Assetmark Inc. now owns 886 shares of the company's stock worth $99,000 after purchasing an additional 260 shares during the last quarter. Troluce Capital Advisors LLC bought a new position in Abivax in the 2nd quarter worth about $133,000. Finally, Clearstead Advisors LLC purchased a new stake in Abivax during the 4th quarter valued at about $138,000. Hedge funds and other 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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