Abivax, buoyed by HIV milestone, leads surge in value of biotech stocks in Paris

Abivax's share price has surged more than 160% in a little more than one trading session. Investors drove up the stock on the back of news regarding its HIV collaboration, sparking a chain of events that saw the share prices of a clutch of biotech stocks surge on the Paris exchange.

Paris-based Abivax (EPA:ABVX) experienced the most dramatic rise, gaining 87% one day and continuing the rapid upswing the next morning. The surge followed an update on the Abivax-led Project CaReNa, a Bpifrance-backed scheme that pairs the French biotech with Theradiag and the French National Center for Scientific Research to develop HIV drugs and diagnostics targeting protein-RNA interactions.

As a result of progress with ABX464, an HIV antiviral, Project CaReNa has now completed its second key milestone, news that was disclosed in a statement this week. The drug is yet to advance beyond Phase II--a Phase IIa trial to assess the long-term effect of ABX464 on viral load is due to report early data later this year--but, with Abivax’s share price depressed by a setback to its hepatitis B vaccine, the news was enough to send its stock on a two-day tear.

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