Guggenheim analyst Yatin Suneja reiterated a Buy rating and $175.00 price target on Abivax (NASDAQ: ABVX).

The analyst commented: "Key Message: Yesterday, ABVX announced a highly anticipated Part Two of the 44-week maintenance readout that evaluates obefazimod (oral, FIC, miR-124 inducer) in ulcerative colitis (UC). On non-NMSCs: Two non-NMSCs cases (MPN and prostate cancer, both 50 mg) were reported in Part Two, both drug-unrelated and attributable to pre-existing risk factors, resulting in 0.48 event rate per 100 PYs, which falls within the mid-lower range of mgmt guidance of 0.30-0.70 (See details below). On NMSCs: Total of four NMSCs (two on 25 mg and two on 50 mg; 2 BCC & 2 SCC) were reported in Part Two, resulting in 0.95 event rate per 100 PYs, which falls in the mid-lower range of mgmt's guidance of 0.70-1.40 (See details below). Importantly, the balanced NMSC cases across both doses suggest there is no dose-dependent impact of obefazimod on NMSCs. On efficacy: (1) Induction non-responders showed continued improvement following additional obefazimod exposure beyond 8-weeks and (2) For patients who relapsed during maintenance, retreatment with 50 mg obefazimod recaptured clinical & endoscopic outcomes by 44-weeks. In summary, we are highly encouraged that the company has taken extra diligence to frame expectations and subsequently delivering robust results. With the safety overhang now behind us, along with the consensus recommendation to pursue both maintenance doses, we envision obefazimod as one of the most valuable assets in IBD with potential to become a cornerstone oral treatment for UC. We expect the stock to trade back in the $130-$150 range in the near-term. Reiterate BUY, at $175 PT; ABVX remains our Best Idea."

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Shares of Abivax closed at $96.15 yesterday.