Abivax (NASDAQ:ABVX) Trading Down 5.6% - Here's Why

Key Points

• Abivax shares fell 5.6% to about $107.21 in Tuesday trading, with volume down 87% from the stock’s average daily level.
• Analyst sentiment remains largely positive: Abivax has an average “Moderate Buy” rating and a consensus price target of $156.38, though ratings range from Strong Buy to Sell.
• Institutional investors and hedge funds own 47.91% of the company. Abivax is developing obefazimod, an oral therapy primarily targeting ulcerative colitis and potentially Crohn’s disease.

Abivax SA Sponsored ADR (NASDAQ:ABVX - Get Free Report) traded down 5.6% on Tuesday . The company traded as low as $108.50 and last traded at $107.2140. 186,180 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,420,246 shares. The stock had previously closed at $113.58.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ABVX shares. Truist Financial raised their price objective on Abivax from $135.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of Abivax in a research report on Friday, July 17th. Citizens Jmp reiterated a "market outperform" rating and set a $187.00 price objective on shares of Abivax in a research note on Wednesday, July 1st. Citigroup reissued an "outperform" rating on shares of Abivax in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group upgraded shares of Abivax from a "hold" rating to a "buy" rating and boosted their target price for the company from $108.00 to $158.00 in a research report on Tuesday, June 30th. 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 assigned a Sell rating to the company's stock. According to MarketBeat, Abivax presently has an average rating of "Moderate Buy" and an average price target of $156.38.

Abivax Price Performance

The company has a market capitalization of $9.36 billion, a price-to-earnings ratio of -20.56 and a beta of 0.96. The firm's fifty day moving average price is $124.22 and its 200-day moving average price is $118.12.

Hedge Funds Weigh In On Abivax

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GHP Investment Advisors Inc. boosted its position in Abivax by 155.6% during the first quarter. GHP Investment Advisors Inc. now owns 230 shares of the company's stock valued at $26,000 after acquiring an additional 140 shares during the last quarter. Versant Capital Management Inc bought a new stake in Abivax in the second quarter worth approximately $30,000. Assetmark Inc. lifted its stake in Abivax by 41.5% in the first quarter. Assetmark Inc. now owns 886 shares of the company's stock valued at $99,000 after buying an additional 260 shares during the period. Troluce Capital Advisors LLC acquired a new position in Abivax in the second quarter valued at approximately $133,000. Finally, Clearstead Advisors LLC acquired a new stake in shares of Abivax during the 4th quarter worth approximately $138,000. 47.91% of the stock is owned by institutional investors and hedge funds.

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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