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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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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