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

Abivax SA Sponsored ADR (NASDAQ:ABVX)’s stock price was down 5.1% 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

A number of research firms recently issued reports on ABVX. Weiss Ratings reissued a “sell (d-)” rating on shares of Abivax in a research note on Friday, July 17th. The Goldman Sachs Group started coverage on shares of Abivax in a research note on Wednesday, September 9th. They issued a “buy” rating and a $155.00 price target on the stock. Wedbush reduced 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. Guggenheim reiterated a “buy” rating on shares of Abivax in a report on Tuesday, June 30th. Finally, Citizens Jmp reissued a “market outperform” rating and set a $187.00 price objective on shares of Abivax in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $156.69.

Abivax Stock Performance

The firm’s 50-day simple moving average is $115.38 and its 200 day simple moving average is $116.82. The stock has a market capitalization of $8.42 billion, a P/E ratio of -15.91 and a beta of 0.96.

Abivax (NASDAQ:ABVX) last announced its quarterly earnings data on Monday, September 21st. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.79). The firm had revenue of $1.37 million during the quarter, compared to the consensus estimate of $0.80 million. As a group, research analysts expect that Abivax SA Sponsored ADR will post -4.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ABVX. Westfield Capital Management Co. LP bought a new position in shares of Abivax in the 4th quarter valued at about $136,199,000. Lord Abbett & CO. LLC raised its holdings in shares of Abivax by 152.4% in the 4th quarter. Lord Abbett & CO. LLC now owns 849,732 shares of the company’s stock valued at $114,591,000 after purchasing an additional 513,026 shares during the period. Eversept Partners LP lifted its stake in Abivax by 42.0% in the 1st quarter. Eversept Partners LP now owns 934,423 shares of the company’s stock valued at $104,048,000 after purchasing an additional 276,589 shares during the last quarter. Bank of America Corp DE lifted its stake in Abivax by 40.9% in the 1st 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. Finally, Janus Henderson Group PLC lifted its stake in Abivax by 31.6% in the 1st quarter. Janus Henderson Group PLC now owns 878,829 shares of the company’s stock valued at $98,007,000 after purchasing an additional 211,068 shares during the last quarter. 47.91% of the stock is currently 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.