On June 5, Abivax S.A. declined 5.49% in regular trading, trading at $99.52/share, with trading volume of $128 million. The decline reflects persistent safety concerns surrounding the company's core drug candidate obefazimod.

Earlier this month, Abivax disclosed Phase 3 maintenance trial results for 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 their respective targets with efficacy data ranking among the best in class, three cancer-related cases emerged in the 50 mg group — one each of prostate cancer, breast cancer, and colonic dysplasia. The safety controversy remains unresolved, with Wedbush Securities flagging an elevated risk of a black box warning for obefazimod. Jefferies analysts also noted that the cancer-related adverse events will continue to suppress market sentiment and the drug's commercialization prospects.

The stock had previously plunged over 40% on June 2 following the initial data release and a Nasdaq trading halt, then partially rebounded before resuming its decline. Morgan Stanley lowered its price target from $145 to $132 while maintaining an Overweight rating.

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