Abivax (ABVX) Skyrockets 586% to New High on Promising Drug Trial, Bullish Analyst Outlooks

We recently published 10 Stocks With Eye-Popping Double-Digit Gains. ABIVAX Société Anonyme (NASDAQ:ABVX)  is one of the biggest performers on Wednesday.

ABIVAX soared by a whopping 586 percent on Wednesday to hit a new high, as investors gobbled up shares following bullish analyst outlooks and impressive performance from the phase 3 trial of its ulcerative colitis treatment candidate.

In a market note, investment bank Morgan Stanley raised its price target for ABIVAX Société Anonyme (NASDAQ:ABVX) to $71 from $12 previously, a whopping 492-percent increase, while upgrading its stock rating to “overweight” from “equal weight” prior.

The optimism was based on ABIVAX Société Anonyme’s (NASDAQ:ABVX) announcement on the same day exceeding analyst expectations for the third phase of its ABTECT program, which showed a clinical remission of 16.4 percent for the 50mg dose, versus the 15 percent as anticipated by market experts.

For its part, LifeSci Capital also gave the company a $101 price target, or a 124-percent increase from its previous target of $45. It maintained an “outperform” rating on the stock.

ABIVAX Société Anonyme (NASDAQ:ABVX) also earned bullish ratings and price target upgrades from other investment firms, namely Guggenheim, JMP, Leerink, and Piper Sandler, among others.

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