Barclays Reiterates “Overweight” Rating for Abivax (NASDAQ:ABVX)

Abivax (NASDAQ:ABVX)‘s stock had its “overweight” rating reissued by equities researchers at Barclays in a report released on Tuesday, Benzinga reports. They currently have a $148.00 price target on the stock. Barclays‘s target price would suggest a potential upside of 59.34% from the stock’s previous close.

A number of other research firms have also commented on ABVX. BTIG Research raised their price objective on shares of Abivax from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Abivax in a research note on Friday, July 17th. Citigroup reaffirmed an “outperform” rating on shares of Abivax in a research note on Tuesday, June 2nd. Wedbush raised their price objective on shares of Abivax from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Finally, Piper Sandler raised their price objective on shares of Abivax from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $156.69.

Abivax Price Performance

NASDAQ ABVX traded down $1.98 during trading hours on Tuesday, hitting $92.89. The company had a trading volume of 227,890 shares, compared to its average volume of 1,433,342. Abivax has a fifty-two week low of $69.81 and a fifty-two week high of $148.83. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of -15.37 and a beta of 0.96. The firm’s 50 day moving average is $118.31 and its 200 day moving average is $117.31.

Abivax (NASDAQ:ABVX) last announced its quarterly earnings results on Monday, September 21st. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.92) by ($0.79). The business had revenue of $1.37 million for the quarter, compared to the consensus estimate of $0.80 million. On average, equities analysts anticipate that Abivax will post -4.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABVX. Engineers Gate Manager LP bought a new position in Abivax in the 2nd quarter worth $284,000. Readystate Asset Management LP raised its holdings in Abivax by 19.6% in the 2nd quarter. Readystate Asset Management LP now owns 241,530 shares of the company’s stock worth $32,186,000 after acquiring an additional 39,508 shares during the period. Troluce Capital Advisors LLC bought a new position in Abivax in the 2nd quarter worth $133,000. Seven Fleet Capital Management LP raised its holdings in Abivax by 158.6% in the 2nd quarter. Seven Fleet Capital Management LP now owns 111,334 shares of the company’s stock worth $14,836,000 after acquiring an additional 68,282 shares during the period. Finally, FNY Investment Advisers LLC raised its holdings in Abivax by 7.3% in the 2nd quarter. FNY Investment Advisers LLC now owns 7,605 shares of the company’s stock worth $1,013,000 after acquiring an additional 519 shares during the period. Institutional investors own 47.91% of the company’s stock.

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.