AbbVie (NYSE:ABBV) Raised to Strong-Buy at Wall Street Zen

Key Points

• AbbVie was upgraded by Wall Street Zen from buy to strong-buy, adding to a generally favorable analyst backdrop. Overall, the stock now carries a Moderate Buy consensus with an average target price of $253.43.
• Recent earnings topped expectations: AbbVie reported $2.65 EPS versus the expected $2.59 and revenue of $15 billion versus $14.72 billion. Revenue also rose 12.4% year over year.
• New pipeline and international catalysts include U.S. FDA approval for DECNUPAZ, expansion of the VENCLYXTO label in Europe, and advancement of ABBV-519 into first-in-human testing, all of which may support future growth.

AbbVie (NYSE:ABBV - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

Several other research analysts have also recently weighed in on ABBV. William Blair restated an "outperform" rating on shares of AbbVie in a research report on Monday, March 9th. Bank of America upgraded shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 target price for the company in a research report on Thursday, April 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. Sanford C. Bernstein reissued a "market perform" rating on shares of AbbVie in a report on Thursday, February 5th. Finally, UBS Group reduced their target price on shares of AbbVie from $240.00 to $230.00 and set a "neutral" rating for the company in a research note on Thursday, February 5th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $253.43.

AbbVie Trading Down 0.4%

NYSE ABBV opened at $217.83 on Friday. The company has a market capitalization of $384.85 billion, a price-to-earnings ratio of 107.30, a PEG ratio of 0.75 and a beta of 0.32. AbbVie has a 1-year low of $181.73 and a 1-year high of $244.81. The stock's 50 day moving average is $208.43 and its two-hundred day moving average is $219.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie's revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.46 EPS. On average, analysts predict that AbbVie will post 14.3 earnings per share for the current year.

Insider Activity

In other news, SVP David Ryan Purdue sold 5,230 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company's stock, valued at approximately $619,868.24. This represents a 66.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Chelsea Counsel Co. bought a new position in AbbVie in the 3rd quarter valued at about $26,000. Litman Gregory Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $28,000. Westend Capital Management LLC acquired a new stake in AbbVie in the fourth quarter valued at approximately $29,000. Imprint Wealth LLC boosted its position in AbbVie by 56.3% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new stake in AbbVie in the third quarter valued at approximately $31,000. 70.23% of the stock is owned by institutional investors.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.