AbbVie (NYSE:ABBV) Receives “Overweight” Rating from Piper Sandler

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating restated by Piper Sandler in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $298.00 price objective on the stock. Piper Sandler’s target price suggests a potential upside of 27.32% from the company’s previous close.

A number of other research analysts have also recently commented on ABBV. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a research note on Thursday, April 30th. Wells Fargo & Company set a $260.00 price objective on shares of AbbVie in a research report on Monday. Finally, Royal Bank Of Canada assumed coverage on shares of AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $253.81.

AbbVie Trading Up 1.8%

NYSE:ABBV traded up $4.04 during trading hours on Tuesday, hitting $234.05. The company had a trading volume of 2,559,915 shares, compared to its average volume of 6,738,866. AbbVie has a 1 year low of $181.73 and a 1 year high of $244.81. The company has a market cap of $413.52 billion, a P/E ratio of 115.22, a P/E/G ratio of 0.66 and a beta of 0.32. The company has a 50-day moving average of $212.53 and a 200 day moving average of $218.76.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the previous year, the company posted $2.46 EPS. The company’s revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that AbbVie will post 14.3 earnings per share for the current year.

Institutional Investors Weigh In On AbbVie

Large investors have recently bought and sold shares of the stock. Chelsea Counsel Co. acquired a new position in AbbVie during the 3rd quarter worth approximately $26,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter worth $28,000. Imprint Wealth LLC grew its stake in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Westend Capital Management LLC purchased a new position in AbbVie in the fourth quarter valued at $29,000. Finally, IFC & Insurance Marketing Inc. purchased a new position in AbbVie in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie agreed to buy Apogee Therapeutics for about $10.9 billion in cash, adding promising immunology and inflammation assets to its pipeline and reinforcing its growth strategy. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: AbbVie won expanded European approvals for SKYRIZI and MAVIRET, including SKYRIZI for pediatric plaque psoriasis and MAVIRET for acute hepatitis C, which could widen adoption and support international sales. MarketWatch: AbbVie Gets Expanded European Approvals for Skyrizi, Maviret
• Positive Sentiment: Allergan Aesthetics, an AbbVie company, received Canadian approval for Boey, a new botulinum neurotoxin for glabellar lines, adding another commercial opportunity in aesthetics. PR Newswire: Allergan Aesthetics receives approval for Boey in Canada

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.