Wedbush Issues Pessimistic Forecast for Abivax (NASDAQ:ABVX) Stock Price

Key Points

• Wedbush lowered Abivax’s price target from $118 to $96 and maintained a “neutral” rating, implying only 3.68% upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $155, despite the wide range of individual targets and one sell rating.
• Abivax reported a quarterly EPS loss of $1.71, missing estimates by $0.79, while revenue of $1.37 million exceeded expectations; institutional investors own nearly 48% of the company.

Abivax (NASDAQ:ABVX - Get Free Report) had its price objective decreased by analysts at Wedbush from $118.00 to $96.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Wedbush's price target would indicate a potential upside of 3.68% from the company's previous close.

ABVX has been the subject of a number of other reports. Truist Financial decreased their price target on Abivax from $155.00 to $151.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Leerink Partners boosted their price objective on Abivax from $140.00 to $148.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Abivax in a research note on Thursday, October 15th. Guggenheim restated a "buy" rating and issued a $175.00 price objective on shares of Abivax in a report on Tuesday. Finally, The Goldman Sachs Group assumed coverage on Abivax in a report on Wednesday, September 9th. They issued a "buy" rating and a $155.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $155.00.

Abivax Trading Up 5.8%

ABVX stock opened at $92.59 on Wednesday. The firm's 50-day moving average is $105.10 and its two-hundred day moving average is $114.33. The company has a market capitalization of $8.10 billion, a price-to-earnings ratio of -15.28 and a beta of 1.14. Abivax has a 52 week low of $69.81 and a 52 week high of $148.83.

Abivax (NASDAQ:ABVX - Get Free Report) last posted its quarterly earnings data on Monday, September 21st. The company reported ($1.71) EPS for the quarter, missing analysts' consensus estimates 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. On average, equities research analysts predict that Abivax will post -4.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Eversept Partners LP grew its stake in Abivax by 42.0% during the 1st quarter. Eversept Partners LP now owns 934,423 shares of the company's stock valued at $104,048,000 after acquiring an additional 276,589 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Abivax by 31.6% in the 1st quarter. Janus Henderson Group PLC now owns 878,829 shares of the company's stock valued at $98,007,000 after purchasing an additional 211,068 shares during the period. Bank of America Corp DE lifted its position in shares of Abivax by 40.9% in the first quarter. Bank of America Corp DE now owns 735,729 shares of the company's stock worth $81,923,000 after purchasing an additional 213,440 shares in the last quarter. Two Seas Capital LP purchased a new stake in shares of Abivax in the third quarter worth approximately $66,996,000. Finally, Orbimed Advisors LLC lifted its position in shares of Abivax by 26.6% in the first quarter. Orbimed Advisors LLC now owns 465,700 shares of the company's stock worth $51,856,000 after purchasing an additional 97,800 shares in the last quarter. Hedge funds and other institutional investors own 47.91% of the company's stock.

Abivax Company Profile

Abivax SA NASDAQ: ABVX is a clinical-stage biotechnology company focused on developing therapeutics for chronic inflammatory and immune-mediated diseases. Headquartered in Paris, France, the company conducts research and clinical development aimed at addressing conditions with significant unmet medical needs.

Abivax's lead investigational product is obefazimod, an oral small-molecule therapy designed to selectively increase levels of microRNA-124, a regulatory molecule involved in controlling inflammatory responses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.