AbbVie (ABBV) – Investment Analysts’ Weekly Ratings Changes

AbbVie (NYSE: ABBV) has recently received a number of price target changes and ratings updates:

  • 1/25/2019 – AbbVie was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 1/25/2019 – AbbVie was given a new $79.00 price target on by analysts at Credit Suisse Group AG. They now have a “hold” rating on the stock.
  • 1/23/2019 – AbbVie had its “neutral” rating reaffirmed by analysts at UBS Group AG. They now have a $91.00 price target on the stock, down previously from $97.00.
  • 1/23/2019 – AbbVie was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “AbbVie’s key drug, Humira has been performing well based on strong demand trends despite new competition. Moreover, Imbruvica has multibillion dollar potential. Mavyret’s launch has also been stronger than expected. AbbVie has also been successful in expanding approvals for its cancer drugs, Imbruvica and Venclexta. Moreover, AbbVie has a strong late-stage pipeline comprising several products with multibillion-dollar potential expected to be launched in the near term. AbbVie expects to launch more than 20 new products or line extensions of marketed drugs before Humira biosimilar competition begins in the United States in 2023. AbbVie’s shares have outperformed the industry in the past three months. However, direct biosimilar competition to Humira in Europe from October can erode revenues in 2019. Nonetheless, estimates have gone up ahead of Q4 earnings. AbbVie has a positive record of earnings surprises in the recent quarters.”
  • 1/17/2019 – AbbVie was upgraded by analysts at Credit Suisse Group AG to a “hold” rating. They now have a $79.00 price target on the stock.
  • 1/8/2019 – AbbVie was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $100.00 price target on the stock. According to Zacks, “AbbVie’s key drug, Humira has been performing well based on strong demand trends despite new competition. Moreover, Imbruvica has multibillion dollar potential. Mavyret’s launch has also been stronger than expected. AbbVie has also been successful in expanding approvals for its cancer drugs, Imbruvica and Venclexta. Moreover, AbbVie has an impressive late-stage pipeline comprising several products with multibillion-dollar potential expected to be launched in the near term. AbbVie expects to launch more than 20 new products or line extensions of marketed drugs before Humira biosimilar competition begins in the United States in 2023. AbbVie’s shares have outperformed the industry in the past one month. However, direct biosimilar competition to Humira in Europe from October can erode revenues in 2019. Nonetheless, estimates have gone up ahead of Q4 earnings. AbbVie has a positive record of earnings surprises in the recent quarters.”
  • 1/3/2019 – AbbVie was downgraded by analysts at Bank of America Corp from a “buy” rating to a “neutral” rating.
  • 12/26/2018 – AbbVie is now covered by analysts at Standpoint Research. They set a “buy” rating on the stock.
  • 12/20/2018 – AbbVie was given a new $88.00 price target on by analysts at Morgan Stanley. They now have a “hold” rating on the stock.

Shares of NYSE:ABBV traded up $0.10 during midday trading on Monday, hitting $79.77. 4,764,128 shares of the stock were exchanged, compared to its average volume of 8,079,101. AbbVie Inc has a 52-week low of $75.77 and a 52-week high of $122.00. The firm has a market cap of $119.84 billion, a price-to-earnings ratio of 10.08, a P/E/G ratio of 1.20 and a beta of 1.17.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, January 25th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by ($0.02). AbbVie had a negative return on equity of 1,343.27% and a net margin of 17.36%. The firm had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the business posted $1.48 earnings per share. AbbVie’s revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc will post 8.69 earnings per share for the current fiscal year.

In other AbbVie news, insider Laura J. Schumacher sold 94,140 shares of the firm’s stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $93.58, for a total transaction of $8,809,621.20. Following the transaction, the insider now directly owns 192,398 shares in the company, valued at $18,004,604.84. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 16,850 shares of the firm’s stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $88.75, for a total value of $1,495,437.50. Following the transaction, the chairman now owns 286,203 shares in the company, valued at $25,400,516.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 263,440 shares of company stock worth $24,029,804. Corporate insiders own 0.07% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $27,000. Penserra Capital Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $32,000. Larson Financial Group LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $37,000. Horrell Capital Management Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at about $41,000. Finally, Portfolio Solutions LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $46,000. Institutional investors own 70.63% of the company’s stock.

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.

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