(CercleFinance.com) – Abivax lost more than 14% on Friday for its first steps on the Nasdaq, reflecting both the current difficult market conditions and the recent lack of investor interest in IPOs.
A quarter of an hour after its first listing, the title of the French biotechnology company is trading around 10.10 dollars, well below its introductory price of 11.60 dollars.
These first lackluster steps are not a real surprise given the current stock market environment, the Nasdaq Biotechnology Index having fallen by more than 8% over the past three months.
Abivax had previously set a price of $11.60 for its IPO on Nasdaq, at the low end of the indicative range of $11.60-$13 it had communicated this week.
As part of its capital increase, Abivax issued more than 20.3 new ordinary shares, including 18.7 million in the form of ADS (American Depositary Shares).
According to analysts, the operation should be sufficient to meet its financial needs to complete its strategy focused on the marketing of its product obefazimod in ulcerative colitis (UC) currently in phase III clinical trials.
On the Paris Stock Exchange, Abivax shares aligned with the decline in ADSs listed in New York by losing more than 15% for its resumption of trading on Friday afternoon.