Abivax (NASDAQ:ABVX) Upgraded by The Goldman Sachs Group to Strong-Buy Rating

Abivax (NASDAQ:ABVX) was upgraded by equities research analysts at The Goldman Sachs Group to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities analysts have also issued reports on the stock. Guggenheim reiterated a “buy” rating on shares of Abivax in a report on Tuesday, June 30th. BTIG Research increased their target price on Abivax from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. HC Wainwright reiterated a “buy” rating on shares of Abivax in a research note on Tuesday, June 30th. Truist Financial upped their price objective on Abivax from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $187.00 price objective on shares of Abivax in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Abivax has an average rating of “Moderate Buy” and a consensus price target of $156.38.

Abivax Price Performance

Shares of Abivax stock opened at $118.64 on Wednesday. Abivax has a 1 year low of $69.81 and a 1 year high of $148.83. The firm has a market cap of $10.35 billion, a price-to-earnings ratio of -22.77 and a beta of 0.96. The company has a 50-day moving average of $124.83 and a 200 day moving average of $118.33.

Hedge Funds Weigh In On Abivax

Several large investors have recently added to or reduced their stakes in ABVX. UBS Group AG boosted its holdings in Abivax by 2,561.0% in the 3rd quarter. UBS Group AG now owns 4,461,262 shares of the company’s stock worth $378,761,000 after buying an additional 4,293,606 shares during the period. Morgan Stanley increased its stake in Abivax by 114.3% in the 4th quarter. Morgan Stanley now owns 3,151,994 shares of the company’s stock worth $425,062,000 after buying an additional 1,681,277 shares in the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Abivax during the third quarter valued at about $132,800,000. TCG Crossover Management LLC raised its holdings in Abivax by 17.4% during the third quarter. TCG Crossover Management LLC now owns 7,111,596 shares of the company’s stock valued at $603,774,000 after acquiring an additional 1,055,000 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in shares of Abivax in the fourth quarter valued at about $136,199,000. Hedge funds and other institutional investors own 47.91% of the company’s stock.

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.