How Do Analysts Rate This Biotech Focused on Chronic Inflammatory Diseases?
Analyst Consensus Report

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1. Street Smart Average Price Target Formula

Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Laidlaw & Co., Abivax, June, 29, 2026:

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Disclosures for LifeSci Capital, Abivax, June 30, 2026:

Analyst Certification I, Sam Slutsky, certify that: (1) all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or subject companies, and (2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. I, Kate Dellorusso, certify that: (1) all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or subject companies, and (2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. DISCLOSURES An affiliate of LifeSci Capital LLC has provided non-investment banking securities-related services, non-securities services, and other products or services other than investment banking services to Abivax S.A. and received compensation for such services within the past 12 months. LifeSci Capital LLC or affiliates has managed or co-managed a public offering of securities for ABVX in the past 12 months. LifeSci Capital LLC or affiliates has received compensation for investment banking services from ABVX in the past 12 months. ABVX has been an investment banking client of LifeSci Capital LLC within the past 12 months.

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Disclosures for Webush, Abivax, June 30, 2026:

Analyst Certification: We, David Nierengarten, Martin Fan and Dennis Pak, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.

The Distribution of Ratings is required by FINRA rules; however, WS' stock ratings of Outperform, Neutral, and Underperform most closely conform to Buy, Hold, and Sell, respectively. Please note, however, the definitions are not the same as WS' stock ratings are on a relative basis. The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity. The analysts receive compensation that is based upon various factors including WS' total revenues, a portion of which are generated by WS' investment banking activities. Company Specific Disclosures This information is subject to change at any time. This research is provided for educational and informational purposes only and is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy. Investing involves risk, including the risk of loss of principal. Your investments may decline in value due to both real and perceived general market, economic, and industry conditions. Diversification does not ensure profits or protect against loss. This research was prepared without regard to specific investment objectives, strategies, tax status, investment horizon, financial situation or needs of any investor. Wedbush Securities, Inc. (“WSI”) encourages recipients of this report to read all relevant offering documents (e.g., prospectus) pertaining to any investment concerned, including without limitation, information relevant to its investment objectives, risks, and costs before making an investment decision and when deemed necessary, to seek the advice of a legal, tax, and/or accounting professional. Past performance is no guarantee of future results. Reliance upon information in this research is at the sole discretion of the reader. All information in this research is believed to be reliable as of the date on which this research was issued and has been obtained from public sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of the information contained herein. The opinions expressed are as of the date written and are subject to change without notice. In addition, this research may contain certain statements deemed to be “forward-looking” statements. All statements, other than historical facts, contained within this document that address activities, events or developments that this research report expects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by WSI in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to assumptions, risks, uncertainties, many of which are beyond WSI’s control. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Prepared by Wedbush Securities, Inc., a member of FINRA and SIPC. 1. WS makes a market in the securities of Abivax S.A.

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StreetSmart Research™

Abivax SA

(ABVX:NASDAQ)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Overweight / Outperform / Neutral

Target: US $152.78 / CA $216.94

How Avg Analyst Ratings Are Calculated

07/01/2026

Jason Butler – Citizens JMP Securities

Price at Time of Rating: US $132.56 / CA $188.24

Rating: Outperform

Target Price: US $187.00 / CA $265.54

06/30/2026

Faisal Khurshid – Jefferies & Co.

Price at Time of Rating: US $133.26 / CA $189.23

Rating: Buy

Target Price: US $158.00 / CA $224.36

06/30/2026

Thomas Smith – Leerink Partners LLC

Price at Time of Rating: US $133.26 / CA $189.23

Rating: Outperform

Target Price: US $148.00 / CA $210.16

06/30/2026

Julian Harrison – BTIG Research

Price at Time of Rating: US $133.26 / CA $189.23

Rating: Buy

Target Price: US $175.00 / CA $248.50

06/30/2026

Dr. David Nierengarten – Wedbush

Price at Time of Rating: US $96.15 / CA $136.53

Rating: Neutral

Target Price: US $110.00 / CA $156.20

06/30/2026

Sam Slutsky – LifeSci Capital

Price at Time of Rating: US $96.15 / CA $136.53

Rating: Outperform

Target Price: US $170.00 / CA $241.40

06/29/2026

Dr. Yale Jen – Laidlaw & Company

Price at Time of Rating: US $96.15 / CA $136.53

Rating: Buy

Target Price: US $160.00 / CA $227.20

06/02/2026

Gregory Renza – Truist Securities

Price at Time of Rating: US $72.50 / CA $102.95

Rating: Buy

Target Price: US $135.00 / CA $191.70

06/02/2026

Morgan Stanley – Morgan Stanley

Price at Time of Rating: US $72.50 / CA $102.95

Rating: Overweight

Target Price: US $132.00 / CA $187.44

Abivax SA (ABVX:NASDAQ) is a clinical-stage biotechnology company headquartered in Paris that focuses on therapeutics that harness the body's natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases.

The company, founded in 2013 by French immunologist Philippe Pouletty, has R&D operations in France and a U.S. office in Waltham, Massachusetts.

Its lead and only clinical-stage asset is obefazimod (formerly ABX464), an oral, once-daily small molecule and the first drug of its kind designed to enhance expression of microRNA-124 (miR-124), a naturally occurring regulator of inflammation. Obefazimod is furthest along in ulcerative colitis (UC), where it has completed the pivotal Phase 3 ABTECT program: positive topline results from the eight-week induction trials (ABTECT-1 and ABTECT-2) were announced in mid-2025, and positive topline results from the 44-week maintenance trial were announced June 1, 2026, with both the 25- and 50-milligram doses meeting the primary endpoint and showing a favorable safety profile.

Separately, obefazimod is in earlier-stage development for Crohn's disease under the ENHANCE-CD program, a Phase 2b trial that began enrolling patients in Q3 2024; 12-week induction data are expected mid-2027. Abivax is also researching potential follow-on drug candidates from its proprietary library of miR-124 enhancers.

The company's most significant near-term catalyst is a planned NDA submission to the FDA for obefazimod in ulcerative colitis, targeted for late Q4 2026, following a pre-NDA meeting with the agency.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Overweight / Outperform / Neutral and an average target price of US$152.79 / CA$216.94.

Yale Jen — Laidlaw & Co.

Abivax SA recently shared additional findings from part two of the obefazimod in UC ABTECT maintenance study, providing further insights, particularly concerning the safety profile of the treatment, noted Laidlaw & Co. Analyst Yale Jen in a June 29 note.

The company's analysis has reinforced the potential of obefazimod as a leading oral treatment for ulcerative colitis (UC), boasting impressive efficacy and a well-received safety profile. The approach to evaluating the safety data concerning non-melanoma skin cancers (NMSC) and other malignancies through exposure-adjusted incidence rates is seen as a logical and rational method to assess their impact on safety.

With the innovative mechanism of action (MOA) and compelling de-risked data from the obefazimod induction study in ulcerative colitis (UC), along with forthcoming maintenance study results, ABVX shares are currently perceived as undervalued and increasingly appealing as a potential acquisition target for major pharmaceutical companies.

"We are reiterating our Buy rating and CA$160 12-month price target," wrote Jen. CA$160 would be a 66% return at the time of writing. "Our valuation is based on blended value from forward P/E and NPV-driven sum-of-the-parts analyses."

Continuing from previous discussions, ABVX has indicated that a boxed warning for obefazimod in UC treatment seems highly unlikely based on the study outcomes. The next significant milestone for ABVX is a pre-NDA meeting with the FDA, scheduled for July 30.

Sam Slutsky — LifeSci Capital

Abivax conducted a conference call to discuss the findings from part two of its ABTECT maintenance study on obefazimod, which involved patients with moderate-to-severely active ulcerative colitis (UC) who either did not respond during the induction phase or lost response during the part one maintenance phase, according to a June 30 research note by LifeSci Capital Analyst Sam Slutsky.

The additional safety data presented in this phase appeared to mitigate market concerns regarding the higher incidence of cancer cases observed in the 50-milligram obefazimod cohort compared to the 25 mg and placebo groups in the earlier part one data, as no clear malignancy signal was evident in part two. This data also reinforced Abivax's strong efficacy profile, the analyst wrote.

The stock was rated Outperform by the analyst, who said the valuation methodology for a CA$170 price target was based on a DCF model through 2041, assuming an 8% discount rate, and a 0% terminal growth rate. That would mean a 77% return at the time he wrote the note.

The model anticipates obefazimod entering the market for moderate to severe UC in 2027, achieving global peak sales of US$4.2 billion (risk-adjusted to US$3.8 billion). The model also assumes a 90% probability of success and forecasts a 15% peak penetration rate among moderate to severe UC patients in the US receiving advanced therapy. For Crohn's disease, a launch is anticipated in 2031, with peak global sales reaching US$3.6 billion (risk-adjusted to US$2.7 billion), and a 75% probability of success, modeling a 10% peak penetration rate.

Key risks to the 12-month price target include poorer-than-expected clinical outcomes with obefazimod in UC or Crohn's disease, potential issues with extending the IP of obefazimod, unexpected competition in the IBD market, drug pricing pressures, regulatory changes, market downturns, and the possibility of dilutive financings.

David Nierengarten — Wedbush

Analyst David Nierengarten of Wedbush also commented on the same news in a June 30 research note.

He noted that the 50-milligram dosage of obefazimod, which showed the highest efficacy, also reported the highest number of malignancies. Concerns persist about how the FDA might perceive the cancer risk associated with obefazimod, and there is ongoing speculation about the potential for a Black Box warning. Such a warning could significantly impact obefazimod's market differentiation compared to JAK inhibitors and negatively affect its positioning against emerging IBD treatments like TL1A inhibitors.

Looking ahead, key milestones for ABVX include topline data from the Phase 2 ENHANCE-CD study of obefazimod for Crohn's disease by mid-2027, an FDA NDA submission for obefazimod in UC by the fourth quarter of 2026, and the selection of an IBD combo therapy candidate by the end of 2026.

"We reiterate our NEUTRAL rating and increase our PT (price target) to US$110 (from US$90)," Nierengarten wrote. "Our PT is derived from a sum-of-parts valuation for each of the company's clinical programs: a DCF valuation of 2028-39E ww sales of obefazimod in UC and CD (discounted back by 15-25%). Changes to our model are from accelerating our launch trajectory."

More Analyst Ratings

According to Benzinga, analyst sentiment on Abivax SA shifted several times over the past month. On June 2, BTIG reiterated a Buy rating with a US$150 price target, while Citizens raised its price target from US$131 to US$187, keeping its Outperform rating. Morgan Stanley maintained its Overweight rating but trimmed its target from US$145 to US$132, and Jefferies downgraded the stock from Buy to Hold, cutting its price target from US$160 to US$90. Truist Securities kept its Buy rating but lowered its target from US$140 to US$135.

Sentiment then began improving: BTIG reiterated Buy on June 16 and raised its target from US$150 to US$175 on June 30, the same day Leerink Partners maintained Outperform and raised its target from US$140 to US$148, and Jefferies reversed course, upgrading from Hold back to Buy and lifting its target from US$108 to US$158.

The rally in analyst confidence continued into July. On July 1, 2026, Citizens reiterated its Outperform rating with a US$187 price target, and on July 2, Truist Securities reaffirmed its Buy rating while raising its price target from US$135 to US$155.

Ownership and Share Structure²

Abivax S.A. has a market cap of US$11.6 billion billion, with 79.29 million shares outstanding. The company's 52-week range is US$6.20-US$132.

Institutions own 49.56% of shares, while Strategic Investors own 5.3%. The remaining shares are held by Retail.