Abivax (NASDAQ:ABVX) Stock Price Down 5.1% – Should You Sell?

Abivax SA Sponsored ADR (NASDAQ:ABVX) dropped 5.1% during mid-day trading on Thursday. The stock traded as low as $94.17 and last traded at $93.9630. 255,423 shares traded hands during trading, a decline of 82% from the average daily volume of 1,432,923 shares. The stock had previously closed at $99.02.

Analyst Ratings Changes

Several research firms have weighed in on ABVX. Weiss Ratings restated a “sell (d-)” rating on shares of Abivax in a research report on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of Abivax in a research report on Tuesday, June 30th. Barclays reissued an “overweight” rating and set a $148.00 price target on shares of Abivax in a research note on Tuesday, September 22nd. Wolfe Research set a $136.00 price target on shares of Abivax in a report on Wednesday, June 3rd. Finally, Wedbush lowered their price target on shares of Abivax from $140.00 to $118.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. One research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.69.

Abivax Stock Performance

The firm has a market capitalization of $8.42 billion, a price-to-earnings ratio of -15.91 and a beta of 0.96. The business’s 50-day moving average is $115.38 and its two-hundred day moving average is $116.82.

Abivax (NASDAQ:ABVX) last issued 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 analysts’ expectations of $0.80 million. Analysts forecast that Abivax SA Sponsored ADR will post -4.18 EPS for the current year.

Hedge Funds Weigh In On Abivax

A number of hedge funds and other institutional investors have recently made changes to their positions in ABVX. Engineers Gate Manager LP bought a new stake in shares of Abivax in the 2nd quarter valued at $284,000. Readystate Asset Management LP lifted its holdings in Abivax by 19.6% during the second quarter. Readystate Asset Management LP now owns 241,530 shares of the company’s stock worth $32,186,000 after acquiring an additional 39,508 shares in the last quarter. Troluce Capital Advisors LLC bought a new position in Abivax during the second quarter worth about $133,000. Seven Fleet Capital Management LP grew 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 valued at $14,836,000 after acquiring an additional 68,282 shares during the period. Finally, FNY Investment Advisers LLC grew 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 acquiring an additional 519 shares during the period. 47.91% of the stock is owned by institutional investors.

About Abivax

Abivax is a clinical-stage biotechnology company focused on developing therapeutics for chronic inflammatory and immune-mediated diseases. The company’s lead investigational product is obefazimod, an oral small-molecule treatment being developed for ulcerative colitis, a chronic inflammatory disease of the colon.

Obefazimod, formerly known as ABX464, is designed to increase levels of microRNA-124, a molecule involved in regulating inflammatory responses. Abivax is evaluating the therapy in late-stage clinical studies for ulcerative colitis and has also investigated its potential in other inflammatory conditions, including Crohn’s disease.

Founded in 2013 and headquartered in Paris, France, Abivax conducts its development activities through international clinical programs and serves the global biopharmaceutical market.