Abivax Shares Dip Nearly 2% Yet Still Soar 1600% Over the Year

A Decline That Does Not Mar the Spectacular Medium-Term Rally

Abivax shares are down 1.95% at €120.50 in early afternoon, in an almost stable SBF 120 (+0.05%). Today's decline hardly affects the stock's trajectory, which still shows +41.68% over a month and a staggering gain of nearly 1600% over a year, driven since late June by positive results from the ABTECT maintenance trial on obefazimod and then by a $920 million Wall Street ADS offering, securing funding until 2029. The price remains well above its three moving averages (MM20 at €102.24, MM50 at €100.14, MM200 at €98.25), with a 22.65% gap over the MM200 reflecting the magnitude of the valuation adjustment over the quarter.

The RSI at 63 remains high without tipping into marked overbought territory, consistent with the consolidation observed since the peak on July 3. Over the week, the stock still shows -10.74%, indicating that the late June acceleration is giving way to a digestion phase.

Short Positions Decline, Next FDA Milestone in the US

According to reviewed statements, the cumulative net short position reaches 4.68% of the capital, carried by four funds, compared to 6.13% a month earlier (-1.45 point). The bearish bet remains significant but has clearly deflated since the fundamental rebound on June 30, suggesting a gradual covering of some short sellers rather than new selling stress. This level should be monitored without overinterpretation: it reflects institutional caution that has not withstood a succession of favorable clinical and financial announcements.

On the substantive side, the biotech had indicated in its June 29 communication that it was preparing to file, later this year, a marketing authorization application in the United States for obefazimod in ulcerative colitis. This regulatory filing constitutes the next identifiable operational milestone for the case. The technical threshold of €136 remains the next reference resistance on the upside.