New drug data makes this French biotech stock a buy, says Jefferies

Abivax will continue to march higher thanks to positive data on its ulcerative colitis treatment, according to Jefferies. Analyst Faisal Khurshid upgraded the French biotech name to buy from hold. He also raised his price target on the stock to $158 from $108, implying upside of 18% from Tuesday's close. The upgrade comes a day after new data on Abivax's obefazimod showed malignances in patients taking the drug were in line with normal levels for those suffering from ulcerative colitis. Abivax added that more than a third of patients who didn't respond to the treatment initially achieved remission after about 10 months. U.S.-listed shares of Abivax surged 39% on Tuesday, marking its best days since July 23, 2025. ABVX YTD mountain ABVX year to date The data "appropriately addresses the key overhang facing the stock," wrote Khurshid. "Management did a nice job addressing investor concerns. … On top of that, the efficacy profile strengthens w/ each additional piece of data. There is still risk on cash runway, catalyst path, and commercial needs for a potential standalone launch. But ultimately good data should generate value." The analyst had downgraded the stock earlier this month after initial trial data was "was accompanied by cancer cases that were (at the time) w/out clear explanation." Now, with more clarity, he is once again bullish on the stock. Abivax shares rose more than 1% following the upgrade. …