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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. The Goldman Sachs Group assumed coverage on Abivax in a research note on Wednesday, September 9th. They issued a “buy” rating and a $155.00 price objective for the company. Wedbush upped their target price 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. Citigroup reaffirmed an “outperform” rating on shares of Abivax in a research report on Tuesday, June 2nd. Piper Sandler raised their price target 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. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $180.00 price objective on shares of Abivax in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Abivax has an average rating of “Moderate Buy” and a consensus price target of $156.38.

Abivax Trading Down 5.5%

The firm has a market cap of $9.36 billion, a P/E ratio of -20.56 and a beta of 0.96. The stock’s fifty day moving average is $124.22 and its two-hundred day moving average is $118.12.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new stake in Abivax during the 2nd quarter valued at $284,000. Readystate Asset Management LP grew its position in shares of 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 buying an additional 39,508 shares during the last quarter. Troluce Capital Advisors LLC purchased a new position in shares of Abivax during the second quarter valued at approximately $133,000. Seven Fleet Capital Management LP lifted its stake in Abivax by 158.6% in the second 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 boosted its stake in shares of Abivax by 7.3% during the 2nd quarter. FNY Investment Advisers LLC now owns 7,605 shares of the company’s stock valued at $1,013,000 after purchasing an additional 519 shares in the last quarter. 47.91% of the stock is owned by institutional investors.

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.