Abivax (NASDAQ:ABVX) Raised to “Strong-Buy” at Wolfe Research

Abivax (NASDAQ:ABVX) was upgraded by Wolfe Research to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other research analysts have also issued reports about the company. Piper Sandler increased their price objective on Abivax from $70.00 to $112.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. BTIG Research upped their price target on Abivax from $112.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Barclays started coverage on Abivax in a report on Monday, October 13th. They set an “overweight” rating and a $142.00 price target for the company. Leerink Partners set a $74.00 price objective on shares of Abivax and gave the company an “outperform” rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley increased their target price on shares of Abivax from $71.00 to $101.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $121.11.

Abivax Trading Up 1.3%

Abivax stock opened at $105.27 on Thursday. The company has a 50-day moving average price of $89.53 and a 200 day moving average price of $48.41. Abivax has a 12-month low of $4.77 and a 12-month high of $108.00. The stock has a market cap of $8.19 billion, a P/E ratio of -60.85 and a beta of 0.38.

Abivax (NASDAQ:ABVX) last posted its earnings results on Monday, September 8th. The company reported ($0.86) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.04. As a group, analysts forecast that Abivax will post -2.83 EPS for the current year.

Hedge Funds Weigh In On Abivax

Several institutional investors have recently bought and sold shares of the company. Octagon Capital Advisors LP purchased a new stake in shares of Abivax during the first quarter worth $7,688,000. ADAR1 Capital Management LLC boosted its holdings in Abivax by 46.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,210,019 shares of the company’s stock valued at $13,813,000 after purchasing an additional 696,626 shares during the period. Allostery Investments LP grew its stake in Abivax by 86.0% during the 1st quarter. Allostery Investments LP now owns 1,099,654 shares of the company’s stock worth $6,873,000 after purchasing an additional 508,401 shares in the last quarter. Boothbay Fund Management LLC increased its holdings in Abivax by 52.5% during the 2nd quarter. Boothbay Fund Management LLC now owns 870,438 shares of the company’s stock worth $6,659,000 after purchasing an additional 299,770 shares during the period. Finally, Aberdeen Group plc raised its position in Abivax by 67.5% in the 1st quarter. Aberdeen Group plc now owns 710,516 shares of the company’s stock valued at $4,441,000 after purchasing an additional 286,335 shares in the last quarter. 47.91% of the stock is owned by institutional investors and hedge funds.

About Abivax

ABIVAX Société Anonyme, a clinical-stage biotechnology company, focuses on developing therapeutics that harness the body's natural regulatory mechanisms to stablize the immune response in patients with chronic inflammatory diseases. The company is evaluating its lead drug candidate, obefazimod, in Phase 3 clinical trials for the treatment of moderately to severely active ulcerative colitis in adults.