On June 2, Abivax S.A. rose 5.12% in after-hours trading to approximately $76.50 per share, with trading volume of $4.08 million. The move represents a modest technical rebound following a devastating intraday selloff that saw shares plunge over 40%.

The sharp intraday decline was triggered by the company's disclosure of Phase 3 maintenance trial results for its lead candidate obefazimod in moderately to severely active ulcerative colitis. While the trial met its primary endpoint and both the 25 mg and 50 mg dose groups achieved key secondary endpoints, the data was complicated by malignancy cases reported during the trial. Wedbush Securities noted an increasing risk of a black box warning for obefazimod due to the reported malignancies. NASDAQ had halted trading prior to the news release, and upon resumption, shares were immediately met with heavy selling as intraday volume surged to over 14 million shares versus a daily average of approximately 1.1 million. Morgan Stanley lowered its price target from $145 to $132 while maintaining an overweight rating.

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