Abivax initiated with a Buy at Laidlaw

Laidlaw initiated coverage of Abivax with a Buy rating and $48 price target. Abivax is a late-clinical stage biotech company focusing on the development of well-differentiated obefazimod as a potential inflammatory bowel disease treatment, the analyst tells investors in a research note. The firm says obefazimod affords a unique mechanism of action which has demonstrated “robust” Phase IIb results in ulcerative colitis, and bodes well for a positive outcome of the ongoing Phase III study.