Abivax's drug trial results are significant, with stocks soaring over 550%.

On Wednesday morning Eastern Time, the stock price of French biotechnology company Abivax skyrocketed by over 550%, due to the positive results from its Phase III clinical trial of the ulcerative colitis treatment drug obefazimod. The company stated that the trial met both primary and secondary endpoints, demonstrating significant clinical benefit. Abivax plans to submit a new drug application to the U.S. Food and Drug Administration next year after obtaining more positive data.