Hit the Road Jak? We’re Not So Sure

研报英文原文证据摘录

Hit the Road Jak? We’re Not So Sure

Company Report

June 30, 2026 Abivax S.A. (ABVX)

Rating: Hit the Road Jak? We’re Not So SureNEUTRAL

Price:

$96.15 The Wedbush View

12-Month Price Target:

$110.00 (from $90.00) ABVX presented updated safety and efficacy data from additional patient follow up

from its ABTECT study. Of note, the company pooled the safety data, and that data

Analysts appear in-line with background malignancies reported in UC populations. However,

David Nierengarten, Ph.D. as previously reported, the 50 mg arm, while providing the highest efficacy, also

(415) 274-6862 reported the most malignancies.

David.Nierengarten@wedbush.com

Martin Fan, Ph.D. We remain concerned on how FDA will view cancer risk associated with

(213) 688-3404 obefazimod. We also remain mindful of the possibility of a Black Box warning,

Martin.Fan@wedbush.com which would limit commercial differentiation against JAK inhibitors and negatively

Dennis Pak position obefazimod against emerging classes in IBD including TL1A inhibitors. It

(415) 263-6647 is important to remember, in our view, that while reported malignancies in theDennis.Pak@wedbush.com

obefazimod data of 0.6 to 0.9 per 100-PYmay appear to be in the background range

for UC patients, it is also indistinguishable from Rinvoq, for example, with 0.5 to

Company Information 0.9 malignancies per 100-PY (also excluding non-melanoma skin cancers) reported

Market Cap (M) $7,635 in large data sets (Burmeister et al., 2025). While Jak inhibitor-treated patients

Enterprise Value (M) $7,057 in other studies, such as rheumatoid arthritis patients might have provided theShares Outst (M) 79.4

52-Week Range $7.41 - $148.83 inspiration for FDA’s decision on its black box, it is unclear to us why obefazimod