$ABVX

European Equities Traded in the US as American Depositary Receipts Decline Friday

European equities traded in the US as American depositary receipts were lower Friday morning, decreasing 0.4% to 1,883.22 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech companies Evaxion (EVAX) and Abivax (ABVX), which gained 5.4% and 4.5% respectively. They were followed by healthcare firm Grifols (GRFS) and drink and brewing giant Anheuser-Busch Inbev (BUD), which added 1.4% and 1.1%, respectively.The decliners from continental Europe were led by Agomab Therapeutics (AGMB) and steel producer ArcelorMittal (MT), which fell 3.9% and 3.5% respectively. They were followed by energy company Equinor (EQNR), which was down 1.3%.From the UK and Ireland, the gainers were led by pharmaceutical company Compass Pathways (CMPS) and Autolus Therapeutics (AUTL), which rose 5.6% and 2.8% respectively.The decliners from the UK and Ireland were led by semiconductor company Arm (ARM) and Barclays (BCS), which shed 4% and 1.3% respectively.

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) dropped 2.9%.In corporate news, Vera Therapeutics (VERA) said Tuesday it aligned with the US Food and Drug Administration on a revised analysis plan for its phase 3 Origin trial of atacicept in adults with IgA nephropathy. Its shares fell past 7%.Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 43%.Heron Therapeutics (HRTX) shares dropped 42% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Praxis Precision Medicines' (PRAX) shares lost 20% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Top Midday Decliners

Abivax (ABVX) faces an increasing risk of a black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note.Shares sank 42% following an increase in intraday trading volume to over 14 million from a daily average of about 1.1 million.Fulcrum Therapeutics (FULC) shares slumped 52% amid heavy trading after multiple analysts downgraded the stock and sharply lowered their price targets.Intraday trading volume soared to more than 23.3 million shares from a daily average of about 910,000.Goldman Sachs downgraded Intuit (INTU) to sell from neutral while adjusting its price target to $276 from $519.Shares dropped over 8%, with intraday trading volume rising to more than 5.1 million versus the stock's daily average of about 4.12 million.Price: $74.19, Change: $-55.50, Percent Change: -42.79%

Sector Update: Healthcare Stocks Fall in Afternoon Trading

Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each falling 1.1%.The iShares Biotechnology ETF (IBB) dropped 3%.In corporate news, Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell nearly 42%.Heron Therapeutics (HRTX) shares dropped 39% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Praxis Precision Medicines' (PRAX) shares tumbled 16% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Sector Update: Healthcare

Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each falling 1.1%.The iShares Biotechnology ETF (IBB) dropped 3.1%.In corporate news, Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 44%.

Abivax Faces Increasing Risk of Black Box Warning for Obefazimod, Wedbush Says

Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a Tuesday note.The company said Monday that the phase 3 maintenance trial evaluating obefazimod in adults with moderately to severely active ulcerative colitis met its primary endpoint, with both 25 mg and 50 mg doses also achieving all key secondary endpoints.Wedbush noted the seven malignancies reported in the trial's 50 mg cohort and one in the 25 mg, along with the novel proposed mechanism for obefazimod, as signals for an eventual black box warning. The brokerage also flagged this warning's potential negative impact on market share and marketing costs.The possible regulatory and commercial delays could also pressure profitability based on obefazimod's patent life, Wedbush added, while noting obefazimod's potent monotherapy efficacy with a top-line clinical remission rate of 50% for both doses.Wedbush Securities upgraded Abivax to neutral from underperform and cut its price target to $90 from $110.Price: $79.22, Change: $-50.47, Percent Change: -38.92%

Wall Street Set to Open Lower in Tuesday Trading as Investors Look for Signs of Middle East Peace Deal, Await Key Labor Data

US stocks look set to open modestly lower in Tuesday's trading session as investors look for any signs that stalled Middle East may restart, and await key labor market data set for release later in the morning.The Dow Jones Industrial Average futures were down 0.5%, S&P 500 futures were off 0.2%, and Nasdaq futures were edging 0.1% lower.The Job Openings and Labor Turnover Survey (JOLTS) for April is set to be released at 10 am ET, which will give investors a good indication on the strength of the US labor market. The reading is expected to remain unchanged at 6.866 million job openings, according to Bloomberg.Oil prices were moving lower, with front-month global benchmarks Brent crude declining 0.96% to $94.07 a barrel, while West Texas Intermediate crude was down 1.10% to $91.15 a barrel.In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng surged 2.5%, and China's Shanghai Composite gained 0.4%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was edging 0.1% higher, Germany's DAX was up 0.7%, and France's CAC was rising 0.5%.In equities, shares of Hewlett Packard Enterprise (HPE) surged 27% in Tuesday's premarket session after it reported fiscal Q2 earnings late Monday that beat analyst forecasts.Marvell Technology (MRVL) shares climbed 18% after multiple news outlets reported that Nvidia (NVDA) Chief Executive Jensen Huang called the chipmaker the next "trillion-dollar company."Shares of STMicroelectronics (STM) advanced 10% after it said Tuesday that it now expects to generate data center revenue of about $1 billion in 2026, compared with previous guidance of more than $500 million.On the losing side, shares of Abivax (ABVX) tumbled 35% after the company's phase 3 maintenance trial evaluating obefazimod in ulcerative colitis met its primary endpoint and key secondary endpoints, though malignancy cases reported during the trial weighed on the results.AEVEX's (AVEX) stock was down 11% pre-bell after it reported late Monday it launched a public offering of its class A common shares, along with certain selling shareholders.And Praxis Precision Medicines' (PRAX) shares were down 10% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Wedbush Downgrades Abivax to Neutral From Underperform, Adjusts PT to $90 From $110

Abivax SA (ABVX) has an average rating of overweight and mean price target of $147.13, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Jefferies Downgrades Abivax SA to Hold From Buy, Adjusts PT to $90 From $160

Abivax's Obefazimod Trial Meets Main Goal in Ulcerative Colitis; Shares Fall After Hours

Abivax SA (ABVX) said its Phase 3 maintenance trial evaluating obefazimod in adults with moderately to severely active ulcerative colitis met its primary endpointBoth the 25 mg and 50 mg doses also met all key secondary endpoints, including endoscopic improvement, endoscopic remission, corticosteroid-free clinical remission and sustained clinical remission, the company said Monday in a statement.Obefazimod demonstrated a favorable safety profile over the 44-week maintenance trial, with no new safety signals observed, the company said.Week-44 clinical remission rates were 50.8% with 25 mg and 51.3% with 50 mg, versus 10.4% for placebo, the company said.Abivax plans to submit a New Drug Application to the US Food and Drug Administration in Q4.Abivax shares fell 23% in after-hours trading.