Abivax Shares Bounce Nearly 3%, Among Top Gainers in SBF 120
The French biotech firm shows signs of recovery at the opening, after several weeks of significant decline. The stock climbs to the top of the broad Paris index, in a market that is generally trending downward. The rebound occurs as short sellers have significantly increased their positions in the stock in recent weeks.
Stock Rises 2.91% to €88.30 but Remains Below Its Three Moving Averages
Abivax shares rise 2.91% to €88.30 at the start of the session, while the CAC 40 is down 1% and the SBF 120 is down 1.03%. The stock ranks among the top gainers in the SBF 120, just behind Medincell. However, the rebound is modest compared to recent weeks: the stock is still down 16.62% over one month and 19.29% over three months, following the sharp drop on June 2nd (about a 31% fall due to the phase 3 results of obefazimod). The share price is now below its three moving averages: the MM20 at €90.52 (a gap of -2.45%), the MM50 at €97.44, and the MM200 at €95.59. The RSI at 44 remains in the neutral zone, indicating that selling pressure has eased but without a clear upward momentum emerging. The support threshold at €63.10 and the resistance at €115.10 define a wide trading corridor inherited from recent volatility.
Short Selling Bets Climb to Over 6% of Capital, With Obefazimod as a Backdrop
Short selling pressure has significantly intensified. According to reviewed statements, five funds now collectively hold 6.11% of the capital sold short, up from 2.35% a month earlier, marking a 3.76 point increase in thirty days. This level, above 6%, reflects a continued marked institutional skepticism regarding the stock, directly following the clinical publication on June 2nd. It does not predict the direction of the stock price but shows that a part of the market continues to bet against the stock, or covers an existing exposure. Fundamentally, Abivax had indicated during the June 1st publication that the two doses of obefazimod tested in ulcerative colitis had met the primary endpoint, a point already absorbed by the market which then focused on the safety signals from the study. The immediate technical reference for the session ahead is the €90 zone (area of the MM20).
