AbbVie (NYSE:ABBV) Shares Up 3.5% - Here's What Happened

Key Points

• AbbVie shares rose 3.5% on Thursday, trading as high as $224.99 after closing at $217.13 the prior day. Volume was slightly below average, with about 6.7 million shares changing hands.
• Investor sentiment was helped by a series of positive pipeline and regulatory updates, including NHS support for ovarian cancer drug Elahere, European Commission approval for Aquipta in migraine, and FDA approval of Decnupaz for BPDCN.
• Analysts remain constructive on the stock, with multiple firms maintaining buy/outperform ratings and a consensus Moderate Buy view, while AbbVie’s latest earnings also beat expectations on both EPS and revenue.

AbbVie Inc. (NYSE:ABBV - Get Free Report) shot up 3.5% during trading on Thursday . The company traded as high as $224.99 and last traded at $224.8090. 6,726,784 shares traded hands during trading, a decline of 2% from the average session volume of 6,868,025 shares. The stock had previously closed at $217.13.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s ovarian cancer drug Elahere received a green light from the UK’s NHS, expanding access in a hard-to-treat cancer indication and reinforcing the drug’s commercial potential. British drug-cost watchdog recommends use of AbbVie's ovarian cancer therapy
• Positive Sentiment: AbbVie also won European Commission approval for Aquipta in migraine, adding another approved use and supporting sales growth in its neuroscience franchise. AbbVie receives EC approval for Aquipta to treat migraine
• Positive Sentiment: The FDA approval of Decnupaz for BPDCN is being viewed as validation of AbbVie’s oncology ADC strategy, boosting confidence in the company’s longer-term cancer pipeline. Does Decnupaz Approval Validate ABBV's ADC Strategy in Oncology?
• Neutral Sentiment: Recent company-announcement updates on ABBV-647, ABBV-932, and upadacitinib show AbbVie continues to advance multiple clinical programs, but these read through as pipeline maintenance rather than immediate catalysts. AbbVie Ends Early Lung Cancer Trial for ABBV-647, Trimming One Oncology Upside Lever
• Neutral Sentiment: AbbVie is also being highlighted in stock-picking and valuation articles as a large-cap “cheap” or undervalued healthcare name, which may be supporting investor interest but does not change fundamentals by itself. 5 Best Cheap Stocks to Buy for Beginners
• Negative Sentiment: AbbVie’s decision to end the early lung cancer trial for ABBV-647 may trim one future oncology upside lever, though the broader pipeline momentum appears to offset that concern for now. AbbVie Ends Early Lung Cancer Trial for ABBV-647, Trimming One Oncology Upside Lever

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABBV. Guggenheim reaffirmed a "buy" rating and set a $249.00 price target on shares of AbbVie in a research report on Friday, May 1st. Evercore set a $235.00 price target on AbbVie in a research report on Friday, May 15th. BMO Capital Markets reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, March 9th. Piper Sandler upped their price target on AbbVie from $294.00 to $298.00 and gave the company an "overweight" rating in a research report on Thursday, May 14th. Finally, William Blair reissued an "outperform" rating on shares of AbbVie in a report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $253.43.

AbbVie Price Performance

The business's 50 day moving average is $209.03 and its two-hundred day moving average is $219.35. The firm has a market capitalization of $397.19 billion, a PE ratio of 110.74, a P/E/G ratio of 0.66 and a beta of 0.32.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $14.72 billion. During the same period last year, the firm posted $2.46 earnings per share. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Hedge Funds Weigh In On AbbVie

Institutional investors have recently modified their holdings of the company. Chelsea Counsel Co. bought a new position in shares of AbbVie during the 3rd quarter valued at about $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter valued at about $28,000. Imprint Wealth LLC increased its position in shares of AbbVie by 56.3% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Westend Capital Management LLC bought a new position in shares of AbbVie during the 4th quarter valued at about $29,000. Finally, IFC & Insurance Marketing Inc. bought a new position in shares of AbbVie during the 4th quarter valued at about $31,000. 70.23% of the stock is currently owned by institutional investors.

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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