On June 2, Abivax S.A. rose 5.28% overnight, trading at 76.37 USD/share, with trading volume of $366,100. The stock saw a modest rebound following a dramatic intraday plunge of over 40% earlier in the session.

On the news front, the company disclosed results from its Phase 3 maintenance trial evaluating obefazimod in adults with 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, trial data was complicated by reported malignancy cases. Wedbush Securities noted that obefazimod faces an increasing risk of a black box warning due to the malignancies. The Nasdaq exchange had halted trading prior to the news release, and upon resumption, shares were aggressively sold off with intraday volume surging to over 14 million versus a daily average of approximately 1.1 million. Morgan Stanley lowered its price target from $145 to $132 while maintaining an overweight rating. The overnight rebound reflects limited bottom-fishing activity by some investors following the sharp repricing of drug safety risk.

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