Abivax (NASDAQ:ABVX) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Abivax (NASDAQ:ABVX) from a hold rating to a sell rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on the stock. Wolfe Research set a $136.00 price objective on shares of Abivax in a research report on Wednesday, June 3rd. Citigroup reissued an “outperform” rating on shares of Abivax in a report on Tuesday, June 2nd. Citizens Jmp restated a “market outperform” rating and issued a $187.00 price target on shares of Abivax in a research note on Wednesday, July 1st. HC Wainwright reaffirmed a “buy” rating on shares of Abivax in a report on Tuesday, June 30th. Finally, Wedbush lowered their price objective on Abivax from $140.00 to $118.00 and set a “neutral” rating for the company in a research report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $156.69.

Abivax Stock Up 6.4%

Shares of NASDAQ:ABVX opened at $96.85 on Friday. The firm’s 50 day moving average price is $116.71 and its 200 day moving average price is $117.05. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of -15.98 and a beta of 0.96. Abivax has a fifty-two week low of $69.81 and a fifty-two week high of $148.83.

Abivax (NASDAQ:ABVX) last issued its quarterly earnings results 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 the consensus estimate of $0.80 million. On average, equities analysts anticipate that Abivax will post -4.18 EPS for the current year.

Hedge Funds Weigh In On Abivax

A number of hedge funds have recently modified their holdings of ABVX. Engineers Gate Manager LP acquired a new position in shares of Abivax in the 2nd quarter valued at $284,000. Readystate Asset Management LP boosted its stake in Abivax by 19.6% during the 2nd quarter. Readystate Asset Management LP now owns 241,530 shares of the company’s stock worth $32,186,000 after purchasing an additional 39,508 shares during the period. Troluce Capital Advisors LLC acquired a new stake in Abivax during the 2nd quarter worth $133,000. Seven Fleet Capital Management LP grew its position in Abivax by 158.6% during the 2nd quarter. Seven Fleet Capital Management LP now owns 111,334 shares of the company’s stock worth $14,836,000 after purchasing an additional 68,282 shares during the last quarter. Finally, FNY Investment Advisers LLC increased its stake in Abivax by 7.3% in the second 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 during the period. 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.