ABIVAX Société Anonyme (NASDAQ:ABVX) Trading 6.7% Higher – Here’s What Happened

ABIVAX Société Anonyme (NASDAQ:ABVX) traded up 6.7% on Wednesday . The stock traded as high as $8.96 and last traded at $8.86. 73,287 shares were traded during trading, a decline of 22% from the average session volume of 93,698 shares. The stock had previously closed at $8.30.

Wall Street Analyst Weigh In

Separately, JMP Securities assumed coverage on ABIVAX Société Anonyme in a report on Wednesday. They set an “outperform” rating and a $33.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, ABIVAX Société Anonyme presently has an average rating of “Moderate Buy” and an average target price of $38.67.

ABIVAX Société Anonyme Trading Up 7.1 %

The company has a 50-day simple moving average of $9.89 and a two-hundred day simple moving average of $11.63.

Institutional Investors Weigh In On ABIVAX Société Anonyme

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. boosted its holdings in shares of ABIVAX Société Anonyme by 28.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 542,900 shares of the company’s stock valued at $6,254,000 after purchasing an additional 119,300 shares during the last quarter. abrdn plc increased its position in shares of ABIVAX Société Anonyme by 167.7% during the third quarter. abrdn plc now owns 316,431 shares of the company’s stock worth $3,645,000 after acquiring an additional 198,225 shares during the period. Walleye Capital LLC increased its position in shares of ABIVAX Société Anonyme by 45.8% during the third quarter. Walleye Capital LLC now owns 257,417 shares of the company’s stock worth $2,965,000 after acquiring an additional 80,807 shares during the period. Finally, BNP Paribas Financial Markets increased its position in shares of ABIVAX Société Anonyme by 82.6% during the third quarter. BNP Paribas Financial Markets now owns 13,044 shares of the company’s stock worth $150,000 after acquiring an additional 5,900 shares during the period. 47.91% of the stock is currently owned by hedge funds and other institutional investors.

ABIVAX Société Anonyme Company Profile

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.