Abivax shares fall after rival drug data, trader says
ABVX•Abivax shares fell around 3%, after dropping as much as 9.9%, following data showing Gilead’s experimental pill reduced ulcerative colitis symptoms in more patients than placebo. Abivax said it remained on track to submit an application for obefazimod by year-end.
1. Shares retreat
Abivax shares fell around 3%, paring gains after dropping as much as 9.9%. A trader pointed to rival Gilead’s mid-stage trial results for its experimental once-daily pill emvistegrast, which reduced symptoms of moderate to severe ulcerative colitis in more patients than placebo.
2. Abivax trial plans
Abivax’s obefazimod met the main goal in a late-stage trial in June. The company said in July it remained on track to submit a New Drug Application to the U.S. Food and Drug Administration by year-end. Including the session’s decline, Abivax shares had fallen 37% year to date.
