Wedbush Cuts Abivax (NASDAQ:ABVX) Price Target to $118.00

Abivax (NASDAQ:ABVX) had its price target reduced by Wedbush from $140.00 to $118.00 in a research report report published on Tuesday morning, Marketbeat.com reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently weighed in on the stock. Guggenheim reissued a “buy” rating on shares of Abivax in a research report on Tuesday, June 30th. BTIG Research lifted their price target on shares of Abivax from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Wolfe Research set a $136.00 price objective on Abivax in a research note on Wednesday, June 3rd. Piper Sandler upped their price objective on Abivax from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Citigroup reissued an “outperform” rating on shares of Abivax in a report on Tuesday, June 2nd. One investment 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $156.69.

Abivax Stock Performance

Shares of NASDAQ:ABVX opened at $94.87 on Tuesday. The company has a market capitalization of $8.29 billion, a P/E ratio of -15.66 and a beta of 0.96. The company’s 50-day moving average is $118.31 and its 200 day moving average is $117.31. Abivax has a fifty-two week low of $69.81 and a fifty-two week high of $148.83.

Abivax (NASDAQ:ABVX) last posted its quarterly earnings data on Monday, September 21st. The company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.79). The company had revenue of $1.37 million for the quarter, compared to analyst estimates of $0.80 million. As a group, research analysts predict that Abivax will post -4.18 earnings per share for the current year.

Hedge Funds Weigh In On Abivax

Several large investors have recently modified their holdings of the business. Engineers Gate Manager LP bought a new stake in shares of Abivax in the second quarter valued at approximately $284,000. Readystate Asset Management LP boosted 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 buying an additional 39,508 shares during the period. Troluce Capital Advisors LLC bought a new position in Abivax in the 2nd quarter worth approximately $133,000. Seven Fleet Capital Management LP grew its stake in Abivax by 158.6% in the 2nd quarter. Seven Fleet Capital Management LP now owns 111,334 shares of the company’s stock valued at $14,836,000 after buying an additional 68,282 shares in the last quarter. Finally, FNY Investment Advisers LLC grew its stake in Abivax by 7.3% in the 2nd quarter. FNY Investment Advisers LLC now owns 7,605 shares of the company’s stock valued at $1,013,000 after buying an additional 519 shares in the last quarter. Hedge funds and other 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.