Shares of Abivax S.A. (ABVX) surged 5.67% on Wednesday, following the company's announcement of positive topline results from two global Phase 3 trials of its experimental drug obefazimod for treating moderate to severely active ulcerative colitis. The stock's impressive performance comes on the heels of a massive pre-market rally, where shares had initially skyrocketed by over 500%.

The French biotech firm reported that obefazimod met its primary endpoint of clinical remission in both the Abtect-1 and Abtect-2 studies. The 50 mg once-daily dose of the drug achieved statistically significant remission rates compared to placebo after 8 weeks of treatment. Specifically, Abtect-1 showed a placebo-adjusted remission rate of 19.3%, while Abtect-2 demonstrated a 13.4% benefit over placebo. The treatment also met all key secondary endpoints, including clinical response and endoscopic improvement.

The promising results have sparked renewed investor interest in Abivax, with several analysts raising their price targets. Leerink Partners increased its target price to $74 from $20, while Piper Sandler raised its target to $70 from $42. These upgrades reflect growing confidence in obefazimod's potential to disrupt the competitive inflammatory bowel disease market. Abivax plans to file for FDA approval in late 2026, pending positive results from an ongoing 44-week maintenance study expected in Q2 2026.