A man is in a stable condition in Whanganui Hospital after being stabbed in the back in the early hours of Sunday.

A police spokesman said the man was found lying in Victoria Ave about 2.55am, by a member of the public.

"That person called an ambulance and the man was taken to hospital in a serious condition, but that's now been downgraded to stable."

He said police were investigating the incident and were waiting until the man's condition had improved to interview him.

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No arrests have so far been made.

The spokesman said police would like to hear from anyone who saw any suspicious activity in Victoria Ave in the early hours of Sunday.