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Investing.com - Piper Sandler raised its price target on Abivax (NASDAQ:ABVX) to $112.00 from $70.00 on Tuesday, while maintaining an Overweight rating on the stock. The company, currently valued at nearly $5 billion, is trading near its 52-week high of $72.90. According to InvestingPro analysis, the stock appears overvalued at current levels.
The significant price target increase follows Piper Sandler’s analysis of Abivax’s Phase 3 induction data for obefazimod in ulcerative colitis (UC). The firm has incorporated revenue potential in early-line UC treatment into its financial models, effectively doubling its US UC revenue estimate to €2,656 million by 2035. InvestingPro data shows the company currently operates with moderate debt levels and reported a loss per share of $3.18 in the last twelve months.
Piper Sandler identified several upcoming catalysts that could drive further upside for Abivax shares, including the presentation of full UC induction data at a medical meeting (likely at UEGW, October 4-7), Phase 3 UC maintenance data expected in Q2 2026, and Phase 2b Crohn’s disease data anticipated in the second half of 2026.
The firm’s updated outlook comes despite Abivax stock’s substantial recent performance, having gained 565.7% in the past week following the release of its ulcerative colitis trial results. InvestingPro technical indicators suggest the stock is currently in overbought territory, with 13 additional real-time signals available to subscribers.
Piper Sandler maintained its buyer recommendation on Abivax shares at current levels, suggesting continued confidence in the biotech company’s clinical pipeline and commercial potential.
In other recent news, Abivax announced a significant $400 million public offering of American Depositary Shares, with an option for underwriters to purchase an additional 15% of the total offering. This development comes as the company also reported positive results from its Phase 3 ABTECT trials for obefazimod, its lead drug candidate for ulcerative colitis. The trials demonstrated a statistically significant clinical remission rate of 16.4% at Week 8 for the 50 mg dose, meeting primary endpoints. Following these results, Piper Sandler raised its price target for Abivax to $70, maintaining an Overweight rating. Similarly, Morgan Stanley (NYSE:MS) upgraded Abivax to Overweight, increasing its price target to $71. Leerink Partners also raised its price target to $74, citing the drug’s success in achieving both primary and key secondary endpoints. These upgrades reflect strong confidence in the company’s recent clinical achievements.
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