ABVX - Catalyst: Part Deux: ABTECT Maintenance Update, Part 2 Data Set by End-of-Month; We See Easing to Volatility

Research evidence excerpt

ABVX - Catalyst: Part Deux: ABTECT Maintenance Update, Part 2 Data Set by End-of-Month; We See Easing to Volatility

Truist Securities

Equity Research Report June 15, 2026

HEALTHCARE: Biotech Abivax SA (ABVX)

ABVX - Catalyst: Part Deux: ABTECT Maintenance Update, Part 2 Gregory Renza, M.D.

212-419-4617 Data Set by End-of-Month; We See Easing to Volatility

Gregory.Renza@truist.com

Anish Nikhanj, Ph.D. This morning, we attended a sell-side educational session hosted by ABVX

212-326-3106 mgmt, laying out a planned data disclosure by the end of June, for ph.III

Anish.Nikhanj@truist.com ABTECT maintenance Part 2 data. Note, Part 2 is a supplemental, safety-primary arm,

broadening obe's safety base via exposure-adjusted malignancy/NMSC analyses vs. UC/

Supawat Thongthip, Ph.D. IBD background ahead of the late-4Q NDA. We view the data disclosure as catering

212-401-4429 to downside protection, with efficacy incremental on a clear Part 1 win (39%+ pbo-adj

Supawat.Thongthip@truist.com remission). From our conversations with docs, we see limited safety overhang and an

approvable drug in obe'. In spite of recent volatility, we maintain our Buy rating and

$135 PT on ABVX shares.

Stock Rating BUY

Unchanged End-of-June ph.III ABTECT maintenance Part 2 data to include non-responder

patients and responders who subsequently relapsed. Part 2 is the supplemental, non-

Price Target $135.00 registrational arm of the maintenance study; we key into the fact that safety/tolerability,

Unchanged not efficacy, is the primary endpoint - built to expand obe's safety dataset ahead of the

late-4Q NDA filing, while capturing potential delayed responders. The set spans two clinically

distinct populations: induction non-responders treated through to wk 52, and Part 1 induction