AbbVie (NYSE:ABBV) Shares Up 6.3% – Should You Buy?

AbbVie Inc. (NYSE:ABBV) shares shot up 6.3% during mid-day trading on Monday . The stock traded as high as $232.32 and last traded at $230.10. 9,701,473 shares were traded during mid-day trading, an increase of 44% from the average daily volume of 6,755,820 shares. The stock had previously closed at $216.49.

Key AbbVie News

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, expanding its immunology and inflammation portfolio with late-stage assets in atopic dermatitis and asthma. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: The acquisition gives AbbVie access to Apogee’s long-acting autoimmune candidates, including the IL-13 drug zumilokibart, which could become an important next-generation growth driver in immunology. Yahoo Finance: AbbVie to Acquire Apogee Therapeutics, Deepening Immunology Portfolio
• Positive Sentiment: Analysts and market commentary say the deal reinforces confidence in AbbVie’s post-Humira growth story, adding to recent momentum from Skyrizi, Rinvoq, and other pipeline wins. Quiver Quantitative: AbbVie gains as investors weigh stronger growth outlook and recent pipeline wins
• Neutral Sentiment: Separate coverage also highlighted that AbbVie’s Allergan Aesthetics unit recently won FDA approval for Skinvive by Juvederm for neck lines, adding another incremental positive, but this appears less central to today’s stock move. Yahoo Finance: AbbVie’s Allergan Aesthetics Wins FDA Approval for Skinvive by Juvederm

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a report on Thursday, April 30th. Royal Bank Of Canada started coverage on shares of AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Price Performance

The stock has a market capitalization of $406.54 billion, a price-to-earnings ratio of 113.35, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32. The company has a 50-day simple moving average of $212.18 and a two-hundred day simple moving average of $218.72.

AbbVie (NYSE:ABBV) last posted 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. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. Research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio is 340.89%.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently made changes to their positions in the business. Chelsea Counsel Co. bought a new stake in shares of AbbVie during the 3rd quarter worth $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at $29,000. Imprint Wealth LLC boosted its position in shares of AbbVie by 56.2% in 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 period. Finally, Texas Capital Bancshares Inc TX purchased a new position in AbbVie in the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

About AbbVie

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.