Tiny biotech Abivax shoots up 500% on positive trial results

French biotech Abivax is up nearly 500% in premarket trading after it announced that late-stage trials for its treatment for ulcerative colitis showed promise.

The company, which has a market capitalization of just $662 million, announced Tuesday evening that phase 3 trials for its drug obefazimod showed efficacy in treating the chronic inflammatory bowel disease. Abivax doesn’t currently have any drugs on the market.

Abivax said it is conducting an ongoing 44-week maintenance trial of the drug, and depending on the results of that trial, it will submit the drug for approval to the US Food and Drug Administration and the European Medicines Agency in the second half of 2026.

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