Abivax runs in Paris and continues rebound after debacle
The share price had plummeted by more than 40 per cent after the announcement of data from the advanced phase tests on obefazimod
(Il Sole 24 Ore Radiocor) - Abivax is trying to rally on the Paris Stock Exchange, after the collapse earlier this week.
The French biotechnology company's share price climbed more than 12%, approaching EUR 80, with the best performance of the Stoxx Europe 600 index, after having recovered almost 13% in Wednesday's session.
On Tuesday, however, the price plunged 43.5% following the announcement of data from late phase trials of obefazimod, its experimental treatment for ulcerative colitis.
The stock's rise is accompanied by a number of analysts' revisions: Portzamparc maintains its hold rating and raises its target price from EUR 63 to EUR 70, while Stifel confirms its buy recommendation, but lowers its target price from EUR 142 to EUR 115.
On 2 June, Abivax announced that oral obefazimod therapy administered once daily met the primary endpoint and all major secondary endpoints in a Phase 3 maintenance study.
