Shares of French biotech Abivax tumbled 32% after it reported fresh data on its lead asset, a drug for ulcerative colitis, that showed a potential cancer risk in patients.
The medicine met its endpoints of demonstrating a clinically meaningful efficacy and a remission rate of about 40% for both doses tested, but also showed there were three cancer cases among patients taking the higher dose.
“[The] cancer signal complicates matters,” a Jefferies analyst said. “Even if unrelated noise, we think the overhang will be real, especially considering absence of other value-inflecting data events over the next [year].”
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