Abivax (NASDAQ:ABVX) Sets New 52-Week High – Time to Buy?

Abivax SA Sponsored ADR (NASDAQ:ABVX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $98.39 and last traded at $97.82, with a volume of 1007389 shares traded. The stock had previously closed at $95.63.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Guggenheim lifted their target price on shares of Abivax from $101.00 to $150.00 and gave the company a “buy” rating in a research note on Friday. Citigroup restated an “outperform” rating on shares of Abivax in a research report on Thursday, September 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Abivax in a research note on Wednesday, October 8th. Wall Street Zen raised Abivax from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Morgan Stanley boosted their price target on Abivax from $71.00 to $101.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.25.

Abivax Stock Up 2.3%

The stock has a 50 day simple moving average of $81.22 and a 200-day simple moving average of $37.08.

Abivax (NASDAQ:ABVX) last issued its quarterly earnings data on Monday, September 8th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, sell-side analysts expect that Abivax SA Sponsored ADR will post -2.83 earnings per share for the current year.

Institutional Investors Weigh In On Abivax

Several hedge funds and other institutional investors have recently modified their holdings of ABVX. Octagon Capital Advisors LP purchased a new position in Abivax during the 1st quarter valued at $7,688,000. GAMMA Investing LLC increased its stake in Abivax by 373.6% in the first quarter. GAMMA Investing LLC now owns 18,831 shares of the company’s stock worth $118,000 after purchasing an additional 14,855 shares during the period. Affinity Asset Advisors LLC bought a new stake in shares of Abivax during the first quarter worth $1,250,000. Allostery Investments LP boosted its stake in shares of Abivax by 86.0% during the first quarter. Allostery Investments LP now owns 1,099,654 shares of the company’s stock valued at $6,873,000 after purchasing an additional 508,401 shares during the period. Finally, Aberdeen Group plc grew its holdings in shares of Abivax by 67.5% in the first quarter. Aberdeen Group plc now owns 710,516 shares of the company’s stock worth $4,441,000 after purchasing an additional 286,335 shares during the last quarter. 47.91% of the stock is currently owned by hedge funds and other institutional investors.

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.