Abivax (NASDAQ:ABVX) Stock Price Down 5.6% – Here’s What Happened

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Citizens Jmp reiterated a “market outperform” rating and issued a $187.00 price target on shares of Abivax in a report on Wednesday, July 1st. HC Wainwright reiterated a “buy” rating on shares of Abivax in a research note on Tuesday, June 30th. Wedbush boosted their price objective on shares of Abivax from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Truist Financial upped their target price on shares of Abivax from $135.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Piper Sandler increased their target price on shares of Abivax from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $156.38.

Abivax Price Performance

The company has a market capitalization of $8.92 billion, a PE ratio of -19.62 and a beta of 0.96. The stock has a 50-day simple moving average of $122.78 and a 200 day simple moving average of $117.88.

Institutional Investors Weigh In On Abivax

Several institutional investors and hedge funds have recently made changes to their positions in the business. Westfield Capital Management Co. LP purchased a new position in Abivax during the 4th quarter valued at about $136,199,000. Eversept Partners LP lifted its holdings in shares of Abivax by 42.0% in the first quarter. Eversept Partners LP now owns 934,423 shares of the company’s stock valued at $104,048,000 after purchasing an additional 276,589 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Abivax by 31.6% in the first 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 last quarter. Lord Abbett & CO. LLC grew its position in shares of Abivax by 152.4% in the fourth quarter. Lord Abbett & CO. LLC now owns 849,732 shares of the company’s stock valued at $114,591,000 after purchasing an additional 513,026 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Abivax by 40.9% during the 1st 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. 47.91% of the stock is currently owned by hedge funds and other institutional investors.

Abivax Company Profile

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.