Morgan Stanley analyst Judah Frommer upgraded Abivax (ABVX) to Overweight from Equal Weight with a price target of $71, up from $12, after the company reported its “highly anticipated” topline induction results from the Phase 3 ABTECT program in ulcerative colitis. Pooled placebo-adjusted clinical remission for the 50mg dose of 16.4% came in above the roughly 15% bar the firm saw being set given its investor and expert conversations, says the analyst, who now sees improved odds of success across UC and Crohn’s and models a greater likelihood of success in the maintenance component of ABTECT. The firm views the induction data bolstering obefazimod’s profile as “an efficacious, safe, likely early-line oral option” in UC and potentially other IBD indications.
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