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Abviax's Obefazimod shows promising phase 2b results in ulcerative colitis, with superior safety and efficacy compared to existing treatments, supporting a buy rating. The drug's novel mechanism modulates inflammation without broad immune suppression, potentially reducing infection risks, unlike traditional immunosuppressants. Upcoming phase 3 trial data in Q3 2025 is a key catalyst, with a high probability of success based on strong phase 2 results.