Abivax Shares Drop After Trial Win and Cancer Cases Raise Concerns
Abivax shares dropped hard Tuesday, despite positive late-stage trial results for its obefazimod drug. Investors focused on reported cancer and dysplasia cases in patients on the higher dose. The stock traded at 63.10 euros on Euronext Paris, well below Monday’s closing price of 111.80 euros, after touching 62.80 euros earlier. Over in the U.S., its Nasdaq ADRs were last at $72.86, down some 44% late in the session. Abivax had turned into one of Europe’s biggest biotech bets, as most of its price depended on obefazimod’s prospects as an oral ulcerative colitis drug. Reuters said its shares led the drop on Europe’s STOXX 600 in Paris this morning. The stock had surged over 16 times last year.