Abivax Rebounds, but Obefazimod Unlikely to Replace JAK Inhibitors, Wedbush Says

MT Newswires Live07-06

Abivax (ABVX) shares have rebounded to pre-Phase 3 maintenance data levels as investor concerns over malignancy rates eased, but obefazimod is unlikely to displace JAK inhibitors in inflammatory bowel disease, Wedbush said in a report Monday.

The firm said "malignancy rates" associated with obefazimod's 50-milligram dose appear comparable with those seen with approved JAK inhibitors, including market leader AbbVie's (ABBV) Rinvoq, suggesting the safety profile is unlikely to significantly limit commercial adoption, according to the report.

However, the firm said that claims obefazimod is "best in disease" are not supported by the data, noting its "induction" efficacy in biologic-experienced patients lagged Rinvoq's, although maintenance results were broadly comparable. The analysts expect obefazimod to find a role in patients previously treated with JAK inhibitors rather than replace the class.

The report also said the likelihood of a near-term acquisition has diminished, citing reduced interest from Eli Lilly (LLY), while AstraZeneca (AZN) "emerges as the primary contender."

The firm reiterated a neutral rating on Abivax, while raising its price target to $140 from $110.

Price: 146.80, Change: +2.15, Percent Change: +1.49

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