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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Luke Kawa

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December rate cut odds creep lower with Federal Reserve hawks out in full force

A cacophony of hawkish commentary.

Federal Reserve To Make Highly Anticipated Interest Rate Announcement This Week

J. Edward Moreno2h

Gene-editing stocks rally on Bloomberg report that FDA plans to fast-track approval process

Shares of biotechs working with gene-editing treatments rose after the industry’s top regulator told Bloomberg News that the Food and Drug Administration plans to publish a paper in early November outlining the agency’s new, faster approach to approving those treatments.

FDA Clears Way for Faster Personalized Gene Editing Treatments

Jon Keegan

Amazon pulled off its monster quarter despite being left out of OpenAI’s tangle of deals

Amazon’s AWS revenue grew 20% year on year, and will hit $125 billion in capex for the year. CEO Andy Jassy said the 14,000 jobs cut weren’t about money, but about “culture.”

Matt Phillips2h

Getty Images shares moon on licensing deal with Perplexity

Getty Images soared Friday after announcing a multiyear licensing deal with AI search company Perplexity AI. Reuters reports:

“Under the agreement, Perplexity will integrate Getty’s API technology into its AI platform workflows, enabling users to access premium visuals while improving image attribution. The collaboration is part of a wider trend of digital platforms signing licensing deals with AI content providers to expand content access while respecting intellectual property rights and generating revenue.”

Getty was up as much as 85% in the premarket trading session, but those gains are quickly dropping as holders rush to dump the stock, which has been a truly disastrous long-term trade.

In fact, Getty has had a pretty bizarre ride since it returned to the public markets on July 25, 2022, as part of a SPAC deal — in a previous life it had been publicly traded before being taken private in 2008. Within days of its return, Getty became a minor meme stock, spiking more than 250% before crashing a couple months later.

Since then, the stock’s trajectory has been abysmal. Prior to the announcement of the Perplexity AI deal on Friday, it was down 80% from its trading debut. No wonder people are trying to get out fast.

At last glance, those 85% gains in the premarket have been swamped by sellers, shrinking today’s gain for Getty down to 17%.

J. Edward Moreno3h

AbbVie earnings beat estimates but sag on decline in oncology and aesthetics biz

AbbVie slipped after it reported earnings results that beat Wall Street estimates, but also showed a slowdown in its oncology and aesthetics business.

The company reported adjusted quarterly earnings per share of $1.86, compared to the $1.77 analysts polled by FactSet were expecting, and raised its full-year profit guidance. It also reported revenue at $15.7 billion, higher than the $15.5 billion the Street was penciling in.

But the pharmaceutical giant’s oncology and aesthetics business (sales of Botox and Juvederm) slowed down and missed the Street’s estimates. The latter is sometimes seen as a pulse for consumer sentiment.

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