ABVX - Donner Le La: Investor Conversations & Our Safety Analysis Set the Tone Into Part 2 Data; Finding a Groove

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ABVX - Donner Le La: Investor Conversations & Our Safety Analysis Set the Tone Into Part 2 Data; Finding a Groove

Truist Securities

Equity Research Report June 22, 2026

HEALTHCARE: Biotech Abivax SA (ABVX)

ABVX - Donner Le La: Investor Conversations & Our Safety Gregory Renza, M.D.

212-419-4617 Analysis Set the Tone Into Part 2 Data; Finding a Groove

Gregory.Renza@truist.com

Anish Nikhanj, Ph.D. Into Part 2 data by end of month, investors have stayed actively engaged on weighing

212-326-3106 what reignites upside, whether strategic appeal still holds & what a safety bar is

Anish.Nikhanj@truist.com for new data. Our analysis indexes Part 1 malignancy/NMSC incidences within ABVX's

IBD/UC benchmark bands, leaving room for ~4 more malignancies and ~8 more NMSCs

Supawat Thongthip, Ph.D. on combined data before the upper benchmark thresholds are breached. We continue to

212-401-4429 view downside as limited from current levels, see obe’ as approvable, and believe that with

Supawat.Thongthip@truist.com reduced downside volatility ahead for shares, there is sensible ramp to step-in to ride a

recovery & new potential appreciation. We maintain our Buy rating and $135 PT

Stock Rating BUY From our conversations with investors, we note the following focal point: what are the

Unchanged gating factors to share upside from here? We note a marked step-up in debate following

Part 1 data (covered: here), with shares down -44% off the print, from ~$130/sh to ~$73/

Price Target $135.00 sh, before recovering to current levels of ~$100/sh, which note, is still -22% below the pre-

Unchanged readout level. We key in on the emergence of uncertainty around 1) the malignancy/NMSC

signal, 2) obe's path to approval, and 3) ABVX's strategic appeal. From our conversations,