AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

AbbVie (NYSE:ABBV) had its price target boosted by equities researchers at Canaccord Genuity Group from $273.00 to $282.00 in a note issued to investors on Wednesday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 9.81% from the stock’s current price.

Several other research firms also recently commented on ABBV. Bank of America raised their price target on shares of AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Evercore set a $235.00 target price on shares of AbbVie in a research note on Friday, May 15th. BMO Capital Markets raised their target price on shares of AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, HSBC reaffirmed a “buy” rating and set a $300.00 price target on shares of AbbVie in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Stock Up 1.4%

Shares of AbbVie stock opened at $256.80 on Wednesday. The stock’s fifty day moving average is $233.60 and its two-hundred day moving average is $222.61. AbbVie has a 52 week low of $187.62 and a 52 week high of $261.64. The company has a market capitalization of $453.71 billion, a PE ratio of 126.50, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during 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%.The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the company earned $2.46 earnings per share. As a group, research analysts anticipate that AbbVie will post 14.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter valued at about $28,000. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the fourth quarter worth about $29,000. Imprint Wealth LLC boosted its position in AbbVie by 56.2% in the 4th 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. Legacy Wealth Managment LLC ID grew its position in AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares during the period. Finally, IFC & Insurance Marketing Inc. acquired a new stake in shares of AbbVie during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling continued confidence in the company’s earnings power and pipeline. Benzinga / The Fly report
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit won European Commission approval for Boey, a short-acting botulinum toxin, expanding its aesthetics portfolio and adding another growth driver outside its core immunology business. Yahoo Finance article
• Neutral Sentiment: Several commentary pieces highlighted AbbVie as a high-quality dividend stock and suggested its long-term outlook remains attractive, but that much of the optimism may already be reflected in the share price. Motley Fool article
• Negative Sentiment: Genmab and AbbVie clarified that the U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial was overall survival, and that endpoint was not met, which could pressure sentiment around AbbVie’s oncology franchise and the epcoritamab program. Yahoo Finance article
• Negative Sentiment: Analyst coverage also noted AbbVie’s oncology revenue may remain under pressure in Q2, as weakness in Imbruvica could offset gains from Venclexta and newer therapies. Yahoo Finance article

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.