The Goldman Sachs Group Upgrades Abivax (NASDAQ:ABVX) to Strong-Buy

Abivax (NASDAQ:ABVX) was upgraded by equities researchers at The Goldman Sachs Group to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

Other research analysts have also issued research reports about the company. Jefferies Financial Group raised Abivax from a “hold” rating to a “buy” rating and boosted their price target for the stock from $108.00 to $158.00 in a research report on Tuesday, June 30th. Wedbush increased their price objective on Abivax from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Leerink Partners raised their target price on shares of Abivax from $140.00 to $148.00 and gave the company an “outperform” rating in a research note on Tuesday, June 30th. Piper Sandler upped their price target on shares of Abivax from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Abivax in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.38.

Abivax Price Performance

Shares of NASDAQ ABVX opened at $118.64 on Wednesday. The business has a 50-day moving average of $124.83 and a 200-day moving average of $118.33. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of -22.77 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.

Institutional Trading of Abivax

A number of hedge funds have recently made changes to their positions in ABVX. Seven Fleet Capital Management LP raised its stake in Abivax by 218.9% in the 1st quarter. Seven Fleet Capital Management LP now owns 43,052 shares of the company’s stock valued at $4,794,000 after acquiring an additional 29,553 shares during the period. Brummer Multi Strategy AB lifted its holdings in Abivax by 56.0% during the 1st quarter. Brummer Multi Strategy AB now owns 22,428 shares of the company’s stock valued at $2,497,000 after purchasing an additional 8,053 shares during the last quarter. Militia Capital Management LLC bought a new position in Abivax during the first quarter worth $1,893,000. Candriam S.C.A. acquired a new position in shares of Abivax in the first quarter valued at $4,015,000. Finally, Bank of America Corp DE increased its holdings in shares of Abivax by 40.9% in the first quarter. Bank of America Corp DE now owns 735,729 shares of the company’s stock valued at $81,923,000 after purchasing an additional 213,440 shares during the last quarter. 47.91% of the stock is owned by institutional investors and hedge funds.

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.