Abivax stock breaks below its 77.10 € support level despite Goldman Sachs buying recommendation
The Parisian biotech company specializing in inflammatory diseases is sinking further into red, in a slightly upward-oriented Paris market. The decline is coupled with a technical breakdown and occurs as a major American bank has just adjusted its target price on the stock.
A support level breached as the stock remains far from its moving averages
The Abivax stock is down 2.17% at 76.50 €, going against the grain of an SBF 120 that is up 0.17%. The stock has broken through its 77.10 € support level during trading and remains below it, after a latest price of 76.25 €. This decline extends a degraded trend: -24.5% over one month and -37.8% over three months, with a price standing 9.5% below its 20-day moving average (84.57 €) and 24.1% below its 200-day moving average (100.85 €).
The RSI at 32 is approaching the oversold zone without entering it. In the SBF 120 ranking, the stock is among the largest declines of the session.
Goldman Sachs adjusts its target price to 131 € while maintaining a buy rating
Goldman Sachs has lowered its price target on the biotech today from 132 € to 131 €, while maintaining its buy rating. This target leaves a theoretical upside potential of more than 70% compared to the current price. Regarding short positions, the declarations consulted record 5 funds cumulating 5.35% of the capital, a high level but in sharp decline of 1.83 points over 30 days, after 7.18% a month ago.
This decrease suggests a lightening of bearish bets, without being able to infer a trend reversal. The biotech remains listed on two exchanges, with the ADS ABVX on the Nasdaq; only the ordinary Paris stock is eligible for the PEA.
