Abivax (NASDAQ:ABVX) Price Target Raised to $112.00

Key Points

• Piper Sandler raised its price target for Abivax (NASDAQ:ABVX) from $70.00 to $112.00, suggesting a potential upside of 68.24% from the current stock price.
• The stock has received numerous upgrades from various analysts, with an overall consensus rating of "Buy" and a target price of $86.00.
• Abivax is currently in Phase 3 clinical trials for its lead drug candidate, obefazimod, aimed at treating chronic ulcerative colitis.

Abivax (NASDAQ:ABVX - Get Free Report) had its price target raised by investment analysts at Piper Sandler from $70.00 to $112.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 58.13% from the company's current price.

Other analysts have also issued reports about the stock. Citigroup reaffirmed a "market outperform" rating on shares of Abivax in a research note on Friday, July 18th. Leerink Partners set a $74.00 price objective on shares of Abivax and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. JMP Securities increased their price target on shares of Abivax from $33.00 to $95.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 23rd. Morgan Stanley raised shares of Abivax from an "equal weight" rating to an "overweight" rating and set a $71.00 price target for the company in a research report on Wednesday, July 23rd. Finally, Lifesci Capital increased their price target on shares of Abivax from $45.00 to $101.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $92.33.

Abivax Stock Up 1.5%

NASDAQ:ABVX traded up $1.03 during mid-day trading on Tuesday, reaching $70.83. The company's stock had a trading volume of 1,362,705 shares, compared to its average volume of 2,962,344. Abivax has a 1 year low of $4.77 and a 1 year high of $72.90. The stock has a fifty day moving average of $14.82 and a 200-day moving average of $9.40. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.29.

Hedge Funds Weigh In On Abivax

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its position in shares of Abivax by 56.1% during the fourth quarter. Bank of America Corp DE now owns 5,536 shares of the company's stock worth $41,000 after buying an additional 1,990 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Abivax by 34.3% during the first quarter. Cubist Systematic Strategies LLC now owns 10,152 shares of the company's stock worth $63,000 after purchasing an additional 2,595 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in Abivax during the fourth quarter worth approximately $85,000. Guggenheim Capital LLC purchased a new stake in Abivax during the fourth quarter worth approximately $92,000. Finally, Stonepine Capital Management LLC purchased a new stake in Abivax during the fourth quarter worth approximately $110,000. 47.91% of the stock is owned by institutional investors and hedge funds.

About Abivax

ABIVAX Société Anonyme, a clinical-stage biotechnology company, focuses on developing therapeutics that harness the body's natural regulatory mechanisms to stablize the immune response in patients with chronic inflammatory diseases. The company is evaluating its lead drug candidate, obefazimod, in Phase 3 clinical trials for the treatment of moderately to severely active ulcerative colitis in adults.