Piper Sandler raised the firm’s price target on Abivax (ABVX) to $112 from $70 and keeps an Overweight rating on the shares. After fully digesting obefazimod Phase 3 induction data in ulcerative colitis, the firm thinks it’s appropriate to layer in revenue in early-line UC, and doing so essentially doubles its U.S. UC revenue estimate to EUR 2,656M in 2035. Thus, Piper still believes there’s significant upside that can make its way into the stock heading into key data events.
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