Abivax: Previewing Obefazimod's Phase 3 Maintenance Readout: We See High Likelihood of a Competitive Profile

研报英文原文证据摘录

Abivax: Previewing Obefazimod's Phase 3 Maintenance Readout: We See High Likelihood of a Competitive Profile

Equity Research

U.S. Small & Mid Cap Biotechnology

20 May 2026

Abivax

Previewing Obefazimod's Phase 3

Maintenance Readout: We See

ABVX OVERWEIGHTHigh Likelihood of a Competitive

U.S. Small & Mid Cap POSITIVE BiotechnologyProfile Price Target USD 148.00

Price (19-May-26) USD 113.73

In this report, we provide a focused deep dive on obefazimod Potential Upside/Downside +30.1%

and competitive benchmarks ahead of the readout in late Source: Bloomberg, Barclays Research

2Q26. Based on data to date and analysis, we see a high

probability of obefazimod demonstrating a 30%+ placebo- Etzer Darout, PhD, MBA

adjusted long-term clinical remission. +1 212 526 6940

etzer.darout@barclays.com

BCI, US

Abivax will report Phase 3 ABTECT maintenance data in June 2026 for obefazimod in patients

Gustave Diep, MD

with moderate-to-severe active ulcerative colitis (UC). Abivax expects to submit NDA in late +1 212 526 0347

2026, with potential launch in late 2027. For the upcoming readout, the primary endpoint and gustave.diep@barclays.com

focus for investors will be the rates of placebo-adjusted clinical remission — measured by BCI, US

Modified Mayo Score (MMS) — at 52 weeks (i.e., at Week 44 of maintenance period, following 8

Jordan Becker, PhD

weeks of induction), across both obefazimod 25 mg and 50 mg once daily. For benchmarking +1 212 526 3960

purposes, historical rates of placebo-adjusted clinical remission across all approved advanced jordan.becker1@barclays.com

UC therapies have ranged from 9% (Humira) to 39% (Rinvoq), with the average around 25%. BCI, US

Based on data to date for obefazimod and our analysis of the maintenance portion of the Phase

Lukas Shumway, PhD