AbbVie (NYSE:ABBV) Shares Up 2.2% - What's Next?

Key Points

• AbbVie shares rose 2.2% on Tuesday, trading as high as $235.31 amid above-average volume, after previously closing at $230.01.
• The biggest catalyst was AbbVie’s agreement to buy Apogee Therapeutics for $10.9 billion, a deal that adds late-stage immunology and respiratory assets and is seen as supporting long-term growth.
• AbbVie also got regulatory and analyst tailwinds, including European Commission approvals for SKYRIZI and MAVIRET and a raised price target from Piper Sandler to $298, reinforcing a positive outlook for the stock.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price traded up 2.2% on Tuesday . The company traded as high as $235.31 and last traded at $235.04. Approximately 7,182,460 shares changed hands during trading, an increase of 6% from the average session volume of 6,780,022 shares. The stock had previously closed at $230.01.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie agreed to buy Apogee Therapeutics for $135.11 per share in cash, a deal that adds late-stage immunology and respiratory candidates and could support long-term growth. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Analysts said the Apogee acquisition may be dilutive near term but should help AbbVie’s immunology franchise over the long run, reinforcing confidence in the company’s pipeline strategy. Benzinga: AbbVie’s Costly Apogee Acquisition Has Long-Term Upside: Analyst
• Positive Sentiment: AbbVie also won European Commission approval for SKYRIZI in pediatric plaque psoriasis, expanding the drug’s label and adding another growth catalyst for its immunology portfolio. PR Newswire: AbbVie Announces European Commission Approval of SKYRIZI
• Positive Sentiment: The European Commission also approved MAVIRET for acute hepatitis C infection, making it the only EU-approved treatment for both acute and chronic HCV infection and supporting AbbVie’s infectious-disease franchise. PR Newswire: AbbVie Announces European Commission Approval of MAVIRET
• Positive Sentiment: Piper Sandler reaffirmed its overweight rating and raised its price target to $298, signaling further upside if the pipeline expansion and recent approvals translate into stronger earnings growth. Benzinga: Piper Sandler reaffirmed overweight rating on AbbVie

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Guggenheim reaffirmed a "buy" rating and issued a $249.00 price target on shares of AbbVie in a research note on Friday, May 1st. Royal Bank Of Canada started coverage on shares of AbbVie in a research report on Tuesday, February 24th. They issued an "outperform" rating and a $260.00 target price for the company. BMO Capital Markets reaffirmed an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Canaccord Genuity Group increased their price target on shares of AbbVie from $265.00 to $273.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Bank of America raised shares of AbbVie from a "neutral" rating to a "buy" rating and set a $234.00 price objective on the stock in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $253.81.

AbbVie Trading Up 2.2%

The company has a market capitalization of $415.27 billion, a price-to-earnings ratio of 115.78, a P/E/G ratio of 0.66 and a beta of 0.32. The business's 50 day moving average price is $212.53 and its two-hundred day moving average price is $218.76.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.9%. AbbVie's dividend payout ratio (DPR) is presently 340.89%.

Hedge Funds Weigh In On AbbVie

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Thornburg Investment Management Inc. lifted its position in AbbVie by 25.5% during the third quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company's stock valued at $93,024,000 after acquiring an additional 81,625 shares during the last quarter. Procyon Advisors LLC increased its position in shares of AbbVie by 19.9% during the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company's stock worth $7,484,000 after purchasing an additional 5,427 shares in the last quarter. Waycross Partners LLC lifted its holdings in shares of AbbVie by 2.9% during the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company's stock valued at $41,694,000 after purchasing an additional 5,063 shares during the last quarter. Calamos Advisors LLC boosted its position in shares of AbbVie by 3.4% in the 4th quarter. Calamos Advisors LLC now owns 466,290 shares of the company's stock worth $106,543,000 after purchasing an additional 15,458 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in AbbVie by 11.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company's stock worth $143,026,000 after buying an additional 66,720 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

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.

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