Abivax Shares Cool Down After a 1,680% Surge in One Year
The French biotech consolidates during the session, just days after securing its financing in the United States. The stock remains technically overheated following a historic surge over the past week, as Oddo BHF has just raised its price target.
A Pullback Following a 50% Surge Over the Week
Abivax shares are down 2.95% at €125.10, ranking among the steepest declines in the SBF 120. The pullback is modest compared to recent performance: the stock still shows a gain of over 50% for the week and 42% for the month, which is insignificant compared to the 1,680% increase recorded over the year. The Paris session is nevertheless part of a well-oriented market, with the CAC 40 up by 0.5% and the SBF 120 rising by 0.44%. The biotech announced yesterday the completion of its public ADS offering on Wall Street, bringing the gross proceeds to $920 million after the full exercise of the over-allotment option. The operation secures the group's financing until 2029, as the company prepares to file its marketing authorization application in the United States, scheduled for later this year according to the June 29 communication. The price appreciates 32.23% above its MM20 and 27.74% above its MM50, a gap that illustrates the magnitude of the movement in recent sessions. The RSI at 69 is at the threshold of overbought, consistent with the calm observed today.
Oddo BHF Raises Target to €141 After U.S. Fundraising
Oddo BHF yesterday raised its price target to €141 from €120 previously, while maintaining its 'outperform' rating. The new target offers a theoretical potential of about 13% compared to the current price. This revision adds to that of Stifel at the beginning of last week, following the positive clinical data presented on June 30 on the ABTECT maintenance trial in ulcerative colitis. According to reviewed statements, four funds cumulatively hold 5.07% of the capital sold short, a level that reflects significant bearish exposure by institutional investors. The bearish bet has slightly eased over thirty days (-0.29 point), suggesting that some short sellers may have reduced their exposure as the stock soared. This high level deserves attention in the coming weeks, without drawing unequivocal conclusions as the magnitude of the recent rebound complicates usual interpretations. The resistance threshold identified at €136 constitutes the next technical marker observable in the data.
