Data released from the second cohort of the ABX-464-005 trial indicates that ABX-464 can reduce the latent HIV reservoir in gut as well as in peripheral blood in patients receiving anti-retroviral therapy. Compared to the first trial cohort, these data suggest that the drug is safe when used over a longer period (3 months vs. 28 days) and has an impact on multiple latent viral reservoirs in HIV-infected patients; even when u sed at a third of the dose (50mg/day vs. 150mg/day). While full data from the trial is not expected until late Q3 / early Q4 2018E, these preliminary data should be seen as encouraging, suggesting that the trial should form a strong platform for movement into a Phase 2b study. We reiterate our OUTPERFORM recommendation and €19.50 target price.