Key facts
- Jefferies downgraded Abivax from Buy to Hold.
- Jefferies cut Abivax's price target by 44%.
- Rare cancer cases emerged in Abivax's Phase 3 ulcerative colitis trial.
- Abivax shares fell over 40% in one session.
Jefferies downgraded Abivax from a Buy rating to Hold, simultaneously reducing its price target by approximately 44%. This action follows the reported emergence of rare cancer cases during the company's Phase 3 clinical trial for ulcerative colitis. The news led to a significant drop in Abivax's stock value, with shares losing more than 40% of their worth in a single trading session. Wolfe Research also lowered its stock price target for Abivax due to safety concerns, reflecting a re-evaluation of the company's risk profile. An investigation into Abivax's officers and directors by SueWallSt is also noted.