Abivax’s late‑stage trial of obefazimod sparked analyst concern after the French biotech reported cancer cases among participants. Jefferies warned the link between the adverse events and the drug remains unresolved, clouding approval prospects and strategic options. Shares tumbled 31%, reflecting investor doubts about funding and path to profitability. Uncertainty raises doubts about securing extra capital with limited runway.

Earlier in the day, the same company posted encouraging efficacy data for ulcerative colitis, with roughly 40% of patients achieving remission—above the 30% benchmark and competitive with existing biologics. Stifel noted the result strengthens the commercial case, yet flagged rare safety signals that could stall regulatory clearance if causality emerges. The market reward reflects optimism that the drug could capture share from Stelara and Velsipity.

Bayer faced renewed pressure on its proposed Roundup settlement after a federal judge in Northern California, known for opposing the 2020 deal, reassigned the multidistrict litigation. Bank of America analysts said the move could extend timelines and revive debate over settlement validity, pushing the German firm’s stock down 5%. The dispute threatens to delay any payout to plaintiffs and could affect Bayer’s broader pesticide litigation budget.