Abivax SA

ABVX surged pre-market then pulled back in regular trading on news that underwriters fully exercised their overallotment option, closing the $920M offering, while the stabilization period ended with no stabilization trades executed, as the market digested dilution and use-of-proceeds plans. Q1 revenue rose 43% YoY to $1.54M and net loss narrowed 2%, but operating loss widened 26% to $64.4M, with a price-to-book ratio of 22.5x. The pre-market high reached $142.5, before correcting to $139.145 at the open, well above its 20-day MA of $104.24 and 60-day MA of $113.66, 6.5% below the 52-week high of $148.83, and up 4% YTD.