Have No Fear of Perfection—You’ll Never Reach It

研报英文原文证据摘录

Have No Fear of Perfection—You’ll Never Reach It

Company Report

July 6, 2026 Abivax S.A. (ABVX)

Rating: Have No Fear of Perfection—You’ll Never Reach ItNEUTRAL

Price:

$144.65 The Wedbush View

12-Month Price Target:

$140.00 (from $110.00) ABVX shares have rebounded to pre-Phase 3 maintenance data levels on investor

relief that malignancies reported in patients at the most efficacious dose level

Analysts of 50 mg are “merely” at rates that have resulted in black box warnings for

David Nierengarten, Ph.D. the Jak inhibitors, including market leader Rinvoq. While we view the ultimate

(415) 274-6862 label as a discussion for roughly 1.5 years from now, we note two concepts can

David.Nierengarten@wedbush.com simultaneously exist: 1) obefazimod 50 mg dosing is associated with malignancy

Martin Fan, Ph.D. rates that are equivalent to the black-boxed Jak class and that 2) as evidenced by

(213) 688-3404 the Jak class sales in IBD, reported malignancies at that level are no great inhibitorMartin.Fan@wedbush.com

of sales.Dennis Pak

(415) 263-6647 Another factor in the share price rebound is the constant refrain from ABVX bullsDennis.Pak@wedbush.com

that the Phase 3 results are “best in disease.” This claim is not true. The Phase

3 results do show statistically significant induction rates in heavily pre-treated

Company Information patients, an impressive result. Perhaps in those patients, post-Jak, that claim does

Market Cap (M) $10,909 ring true. But absent an active treatment in that setting, it is akin to being the

Enterprise Value (M) $11,466 world’s loudest whisper. In our view, a more relevant comparison for both theShares Outst (M) 79.4

52-Week Range $7.65 - $148.83 clinical results and ultimate market are patients who have an inadequate response