ABVC BioPharma (NASDAQ:ABVC) Shares Up 1.6% – Still a Buy?

Shares of ABVC BioPharma, Inc. (NASDAQ:ABVC) shot up 1.6% during trading on Tuesday . The stock traded as high as $2.58 and last traded at $2.57. 53,617 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 63,054 shares. The stock had previously closed at $2.53.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of ABVC BioPharma in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

ABVC BioPharma Price Performance

The stock’s 50-day simple moving average is $2.92 and its 200 day simple moving average is $2.66.

ABVC BioPharma (NASDAQ:ABVC) last posted its quarterly earnings data on Friday, October 31st. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $0.80 million for the quarter.

Institutional Trading of ABVC BioPharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC bought a new position in shares of ABVC BioPharma in the third quarter valued at about $48,000. Millennium Management LLC bought a new position in shares of ABVC BioPharma in the third quarter worth about $60,000. XTX Topco Ltd raised its stake in shares of ABVC BioPharma by 75.7% in the first quarter. XTX Topco Ltd now owns 60,439 shares of the company’s stock worth $64,000 after acquiring an additional 26,034 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of ABVC BioPharma by 5.8% during the second quarter. Geode Capital Management LLC now owns 110,499 shares of the company’s stock worth $246,000 after purchasing an additional 6,017 shares in the last quarter. 11.38% of the stock is currently owned by institutional investors and hedge funds.

About ABVC BioPharma

ABVC BioPharma, Inc, a clinical stage biopharmaceutical company, develops drugs and medical devices to fulfill unmet medical needs in the United States. The company is developing ABV-1501, which is in Phase II clinical trials a combination therapy for triple negative breast cancer; ABV-1504 has completed Phase II clinical trials for major depressive disorders; ABV-1505, which is in Phase II clinical trials for adult attention deficit hyperactivity disorder; ABV-1703, which is in Phase II clinical trials for the treatment of metastatic pancreatic cancer; ABV-1702, which is in Phase II clinical trials to treat myelodysplastic syndromes; and ABV-1601 that is in Phase I/II clinical trials for treating depression in cancer patients.