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Investing.com - Citizens has reiterated its Market Outperform rating and $114.00 price target on Abivax (NASDAQ:ABVX) following additional data from the company’s Phase 3 ABTECT induction studies. The target represents a 15% upside from the current price of $98.85, though InvestingPro data indicates the stock may be trading above its Fair Value.
The research firm highlighted that the newly released patient-reported data demonstrates improvement in quality of life among patients treated with obefazimod, Abivax’s lead drug candidate.
Abivax announced these quality-of-life findings yesterday afternoon, adding to the previously reported clinical outcomes from the Phase 3 ABTECT induction studies.
Citizens noted that these results support expectations for high patient compliance with the treatment regimen, which could be an important factor in the drug’s commercial potential.
The firm maintained its risk-adjusted, discounted cash flow-derived price target of $114 for Abivax stock, citing the differentiated clinical profile of obefazimod as a key factor in its positive outlook.
In other recent news, Abivax announced positive outcomes from its Phase 3 ABTECT induction trials for the drug obefazimod, targeting moderate-to-severe ulcerative colitis. The trials showed that 37% of patients on a 50mg dose reported no bowel urgency by the eighth week, compared to 18.1% in the placebo group. Additionally, 47.6% of patients on the same dose experienced no nocturnal bowel movements, significantly higher than the 24.7% in the placebo group. Following these results, Barclays initiated coverage on Abivax with an Overweight rating and set a price target of $142, emphasizing the potential of its novel oral treatment for ulcerative colitis and Crohn’s disease. Guggenheim also raised its price target for Abivax to $150, maintaining a Buy rating, after receiving positive feedback from key opinion leaders at a recent conference. Furthermore, Leerink Partners increased its price target to $115, maintaining an Outperform rating based on increased revenue estimates for obefazimod in ulcerative colitis and Crohn’s disease. These developments highlight the growing confidence among analysts in Abivax’s potential in treating inflammatory bowel diseases.
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